“…However, post-crisis regulations such as the Dodd-Frank Act and Basel III increased the regulatory burden for bank holding companies and motivated some banks to shed their holding-company structures. 2 Recently, banks and regulators have started questioning the usefulness of the holding company structure (Noreika, 2017;Rexrode, 2017). 3 From 2017 to 2019, Zions Bancorp, Bank OZK, BancorpSouth, and Northeast Bancorp dissolved 1 See Rosen (2003Rosen ( , 2005, Agarwal, Lucca, Seru, and Trebbi (2014), Rezende (2016), Charoenwong, Kwan, and Umar (2019), Costello, Granja, and Weber (2019), Granja and Leuz (2022), and Bischof, Daske, Elfers, and Hail (2022).…”