$$ Amount of SBL

Ratio of County SBL to total SBL

$ 1 Billion Definition

$10 Billion Definition

$ 1 Billion Definition

$10 Billion Definition

Variable

Full Sample

Postcrisis

Full Sample

Postcrisis

Full Sample

Postcrisis

Full Sample

Postcrisis

(0,1) County

(1,0) County

Ratio of Acq. to Tgt. Assets

CB Acquirer, (1,0) county

CB Acquirer, (0,1) county

Non-CB Acq., (1,1) county

Non-CB Acq., (1,0) county

Non-CB Acq., (0,1) county

County Population Change

Unemployment Rate Chg.

Per-Capita Income Chg.

Business BK rate Chg.

Personal BK rate Chg.

Intercept

Year Dummies?

−

−

−

4621.3***

(1112.5)

98.22

(1150.8)

−2853.9

(2737.3)

3545.8***

(1095.9)

−4451.4**

(2049.7)

−0.00699

(0.0456)

102.3

(346.6)

0.182

(0.127)

517058.6

(1348200.4)

306798.0

(310806.5)

−1702.1

(1759.1)

Yes

726.0

(1500.9)

6557.8***

(1390.4)

−13.34

(30.10)

−

−

−

−

−

0.0794**

(0.0330)

843.0*

(498.5)

0.123

(0.148)

249062.0

(2912766.7)

957763.0

(738378.2)

−9751.6***

(2209.5)

Yes

−

−

−

5253.7***

(1251.6)

401.7

(1301.5)

348.8

(4141.7)

4804.5***

(1456.0)

−7599.4

(7659.3)

−0.00720

(0.0425)

217.6

(333.2)

0.146

(0.121)

540449.0

(1280569.5)

217816.2

(302807.5)

−2464.1

(1950.6)

Yes

604.4

(1408.5)

6295.7***

(1313.8)

−19.57

(31.04)

−

−

−

−

−

0.0716**

(0.0321)

894.7*

(477.0)

0.0825

(0.145)

281690.4

(2794759.7)

767370.0

(707347.1)

−9086.0***

(2174.9)

Yes

−

−

−

0.0485***

(0.00798)

0.00618

(0.00822)

0.0121

(0.00820)

0.0461***

(0.00734)

0.0185**

(0.00819)

−2.04e−08

(0.0000)

−0.000453

(0.00141)

0.0000

(0.0000)

4.750

(8.366)

0.604

(1.523)

−0.0378***

(0.0126)

Yes

−0.00192

(0.00867)

0.0432***

(0.00752)

0.0000712

(0.0000719)

−

−

−

−

−

6.27e−08

(0.0000)

0.00405

(0.00255)

0.0000

(0.0000)

6.871

(19.03)

9.828*

(5.339)

−0.0286***

(0.00790)

Yes

−

−

−

0.0426***

(0.00519)

0.00514

(0.00563)

0.0332***

(0.00544)

0.0410***

(0.00473)

0.0341***

(0.00591)

−1.45e−08

(9.71e−08)

−0.000532

(0.00132)

0.0000

(0.0000)

3.892

(8.070)

0.561

(1.439)

−0.0338***

(0.0117)

Yes

−0.00262

(0.00808)

0.0401***

(0.00706)

0.0000453

(0.0000679)

−

−

−

−

−

6.28e−08

(0.0000)

0.00371

(0.00237)

0.0000

(0.0000)

6.590

(18.30)

9.481*

(5.082)

−0.0269***

(0.00751)

Yes

Observation Level

Number of Obs.

Cluster Level

No. of Clusters

R²

Merger- County

66,882

Merger

1280

3.0%

Merger- County

12,336

Merger

477

5.6%

Merger- County

89,504

Merger

1366

2.4%

Merger- County

15,734

Merger

511

4.7%

Merger- County

66,882

Merger

1280

4.9%

Merger- County

12,336

Merger

477

7.0%

Merger- County

89,504

Merger

1366

4.8%

Merger- County

15,734

Merger

511

6.5%