Why are the way banks are established and spread out in Canada and US so different?
Canada: There are only six major banks and most products offered are very competitive. Its almost unusual to hear or see any other minor or regional bank.
US: Literally, there are thousands of banks. Although there are few big ones, like BoA, Wells Fargo, Chase, there are thousands of regional banks, even down to county levels.
What are the advantages of having multiple individual banks?
Why did US encourage this type of proliferation of banks while it did not happen in Canada?