Volcker's View: From Jersey to Jakarta
American Banker (10/30/00) Vol. 104, No. 42 p.1; Bergquist, Erick

Former Federal Reserve Chairman Paul Volcker believes banks should continue to expand into different areas of business in order to keep up with globalization, but he also admits that smaller community banks will be in the unique position of offering a higher degree of customer service and specialized products when their rivals are all massive banks. However, community banks must be careful not to let sliding real estate values or other obstacles cause them to fail, which is what would have happened to NorCrown Bank, an eight-branch community bank in New Jersey, in the early 1990s if it was not acquired by Charles Kushner, chairman of real estate group Kushner Cos.

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