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Management will now enjoy greatly enhanced freedom and flexibility in determining how to best deliver products and services to the marketplace, and the market will judge the correctness of those choices. Some have perceived the newly authorized powers to benefit only large bank holding companies. This is not correct. The strategic freedom the Act provides is available to all banking organizations, regardless of size. Indeed, more than two-thirds of initial institutions seeking to become financial holding companies have assets of less than $ billion. Institutions will have to decide for themselves how, or even whether, they should take advantage of the newly authorized activities to build value for their customers and shareholders. Many franchises will succeed by focusing on traditional, face-to-face banking, which continues to have real economic value. Newer technological capacities and techniques are awe-inspiring, to be sure, but effective and profitable banking is ultimately about trust, and human nature hasn’t changed we still appreciate a face across the desk. In addition, as some large organizations have become even larger through mergers, many community banks have been able to attract customers whose needs have not been met by larger institutions. How institutions pursue new opportunities will be just as important as their decision whether to pursue. It is one thing to gain FHC status and begin to prudently experiment with new powers, and quite another to dive head-long into the deep end of the pool with full-scale acquisitions or rapid expansion into new businesses.