Another great day for capitalism. Bigger fish gobble up smaller fish and the fallout is 101 families in Greater Binghamton who will be without a steady source of income once M&T gets done with their buyout of Partners Trust Bank (Press & Sun-Bulletin story). No, I’m not a bleeding-heart liberal as you will no doubt know from reading the articles on this site. I’m not a socialist who advocates legislation and forcing others to do what I think is right. I am, however, a husband, father and neighbor. That is, I am human and when my neighbors hurt, I hurt. And it really frosts me when companies like M&T buy other companies like Partners Trust and lay off workers with the attitude, “Oh, it’s so sad, but you see that’s just the way business works.” Rubbish. Business can be compassionate and still turn a profit.

I’ve read editorial comments along the lines that businesses buying other, less efficient businesses and eliminating waste and “redundant” operations is a good thing. Good for whom? Good for the families who are thrown into turmoil? Good for local governments that will lose tax revenues from people who don’t have money to spend and stop buying? Good for homeowners in this area, because people steadily leaving suppress housing values? Oh, that’s right…it’s good for the stockholders! Good for the top 5-10 people in the company who put the deal together and reap the most benefits. That’s who it’s good for! And that’s about all it’s good for.

When M&T finishes digesting Partners, here’s what we’ll have: fewer branches in fewer locations; fewer people living and working in Greater Binghamton; less competition meaning higher rates and a lower standard of service.

So what’s the remedy? Certainly not legislation as the socialists would advocate. We live in a FREE country–at least we still have some freedom. And so I freely choose to take my bank account away from Partners/M&T and give my business to someone else. There’s lots of choices in our area (although we’ll have one less choice in the near future). Pick another bank, or a credit union. Or stay with M&T! Hey, if you’re getting good service and are happy, good for you. Me? I’m moving on. I’m taking my little stand against a company that really doesn’t give a rip about the people of this area–only about our money and our business.

How about you? Will you stay with M&T if you’re with Partners now? Why or why not? Let me know in the comments.

Technorati Tags: M&T Bank, Partners Trust Bank, Binghamton, bank merger