Charlotte, NC

2006-04-24

Updated: 2012-01-24

Charlotte [a] is situated along the south edge of North Carolina. Home to a number of banks, the town has economic significance far in excess of what its population and history of textile manufacturing would lead one to believe.

The reason for this aggregation of financial power is caused by the old state-owned banks. Banks in other states were only allowed to have a single office, whereas banks in North Carolina were allowed to have any number of branches. Of course, this meant that North Carolinan banks were far better poised for rapid expansion. The banks brought with them the building of bank office buildings, additional business in the form of financial consulting and similar, and are still the single largest factor in boosting the city's economy.