Abstract
Where state laws permit, banking structure in the United States is evolving from one of independent unit banks to one in which multi-office banking predonzinates. Essentially, this development involves replacing traditional correspondent relationships among banks with larger multi-office banking organizations. There have been few studies of correspondent relationships,l yet it appears that such studies could lead to answers to at least two important questions relating to banking structure. First, can small, independent banks compete effectively with large, geographically extensive banking organizations? The answer to this question depends upon the effectiveness of correspondent banking arrangements, for it is only through services provided by its correspondents that a small unit bank is able to offer services comparable to those offered at ofiices of large banking organizations. Second, what is the optimum geographic form for these large banking organizations? Because they presumably improve banking operations and services by replacing correspondent ties with more direct ones, studies of the structure of correspondent rela-
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