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Excerpt from The Wall Street Journal -- "'There is a common-law right to be in the banking business,' ... In 1916, he said there were 4,046 private banks in the U.S., but they fell out of favor after the Great Depression and with the advent of deposit insurance. Only a handful are left, said Mr. Sylla. 'It's not because they're illegal, but most people are going to prefer to deposit their money in an incorporated bank with deposit insurance,' he said. 'It's going to be more complicated for a private bank to get private insurance.'"

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