Word: rautenberg
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Dates: during 1980-1989
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...days when banks were not permitted to offer a higher rate of interest than that set by the Federal Government, the financial institutions competed on the basis of customer convenience. Branches sprouted like hamburger stands as banks ventured into out-of-the-way places. Says Steven Rautenberg, a vice president with Chase Manhattan: "Since we couldn't offer market value on savings, we needed a branch on almost every corner to attract business." The total number of branches of banks in the U.S. increased from 21,880 in 1970 to 43,995 in 1981, the peak year...