91-560: American Sports Medicine Institute (ASMI) located in Birmingham , Alabama was founded in 1986 by Dr. James Andrews and Dr. Lawrence Lemak with original funding from HealthSouth Corporation . It is a non-profit organization dedicated to improving the understanding, prevention, and treatment of sports -related injuries through research , technology-based education , and information dissemination. The research director at ASMI, Dr. Glenn Fleisig, uses video and computer technology to study
182-407: A Wall Street crash in 1873. However, it began to develop shortly afterward at an explosive rate. In 1911, the town of Elyton, Alabama, and several other surrounding towns were absorbed into Birmingham. The start of the 20th century brought the substantial growth that gave Birmingham the nickname "The Magic City", as the downtown area developed from a low-rise commercial and residential district into
273-668: A 5% market share of deposits in Birmingham are Regions Financial Corporation , PNC Financial Services , Servisfirst Bank, and Wells Fargo . Nearly a dozen smaller banks have been headquartered in the Magic City, such as Superior Bancorp and Cadence Bank . As of 2009, the finance & banking sector in Birmingham employed 1,870 financial managers, 1,530 loan officers, 680 securities commodities and financial services sales agents, 380 financial analysts, 310 financial examiners, 220 credit analysts, and 130 loan counselors. In 2012, Birmingham
364-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
455-404: A busy grid of neoclassical mid-rise and high-rise buildings and busy streetcar lines. Between 1902 and 1912 four large office buildings were constructed at the intersection of 20th Street, the central north–south spine of the city, and 1st Avenue North, which connected the warehouses and industrial facilities stretching along the east–west railroad corridor. This impressive group of early skyscrapers
546-409: A daily mean temperature of 43.8 °F (6.6 °C). There are an average of 47 days annually with a low at or below freezing, and 1.4 days where the high does not surpass freezing. July has a daily mean temperature of 81.1 °F (27.3 °C). Highs reach or exceed 90 °F (32 °C) on 65 days per year and 100 °F (38 °C) on 2. Precipitation is relatively well-distributed throughout
637-504: A focus on mining, the iron and steel industry , and railroading . Birmingham was named after Birmingham in Warwickshire , England , one of the UK 's major industrial cities. Most of the original settlers who founded Birmingham were of English ancestry . The city may have been planned as a place where cheap, non-unionized, and often African-American labor from rural Alabama could be employed in
728-412: A key role in the economy. Steel products manufacturers American Cast Iron Pipe Company (ACIPCO) and McWane are based in the city. Several of the nation's largest steelmakers, including CMC Steel , U.S. Steel , and Nucor , also have a major presence in Birmingham. In recent years, local steel companies have announced about $ 100 million worth of investment in expansions and new plants in and around
819-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
910-472: A major component of the railroading industry, where rails and railroad cars were both manufactured in Birmingham. In the field of railroading, the two primary hubs of railroading in the Deep South were nearby Atlanta and Birmingham, beginning in the 1860s and continuing through to the present day. The economy diversified during the later half of the twentieth century. Though the manufacturing industry maintains
1001-424: A major medical and research center. In 1971, Birmingham celebrated its centennial with a round of public-works improvements, including an upgrade of Vulcan Park and the construction of a major downtown convention center containing a 2,500-seat symphony hall, theater, 19,000-seat arena, and exhibition halls. Birmingham's banking institutions enjoyed considerable growth as well and new skyscrapers started to appear in
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#17330855121481092-482: A major nexus in Birmingham, supported by a skyscraper downtown as well as several large operational center buildings and a data center. Blue Cross and Blue Shield of Alabama , Protective Life , ProAssurance , and Liberty National are headquartered in Birmingham. Banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by
1183-505: A massive assault on the Jim Crow system . In April and May daily sit-ins and mass marches organized and led by movement leader James Bevel were met with police repression, tear gas , attack dogs, fire hoses, and arrests. More than 3,000 people were arrested during these protests, almost all of them high-school age children. These protests were ultimately successful, leading not only to desegregation of public accommodations in Birmingham but also
1274-416: A safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus the goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By
1365-701: A secondary severe weather season. Birmingham is located in the heart of a Tornado Alley known as the Dixie Alley due to the high frequency of tornadoes in Central Alabama. The greater Birmingham area has been hit by two F5 tornadoes; one in Birmingham's northern suburbs in 1977 , and second in the western suburbs in 1998 . The area was hit by an EF4 tornado which was part of a larger outbreak in April 2011 . In late summer and fall months, Birmingham experiences occasional tropical storms and hurricanes due to its proximity to
1456-463: A smaller ridge, flanks the city to the north and divides Jones Valley from much more rugged land to the north. The Louisville and Nashville Railroad (now CSX Transportation ) enters the valley through Boyles Gap, a prominent gap in the long low ridge. Ruffner Mountain , located due east of the heart of the city, is home to Ruffner Mountain Nature Center, one of the largest urban nature reserves in
1547-592: A string of racially motivated bombings that earned Birmingham the derisive nickname "Bombingham". A watershed in the civil rights movement occurred in 1963 when Shuttlesworth requested that Martin Luther King Jr. , and the Southern Christian Leadership Conference (SCLC), which Shuttlesworth had co-founded, come to Birmingham, where King had once been a pastor, to help end segregation. Together they launched "Project C" (for "Confrontation"),
1638-489: A strong presence in Birmingham, other businesses and industries such as banking , telecommunications , transportation, electrical power transmission, medical care, college education , and insurance have risen in stature. Mining in the Birmingham area is no longer a major industry with the exception of coal mining. Birmingham ranks as one of the most important business centers in the Southeastern United States and
1729-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
1820-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
1911-400: Is a Bills of Exchange Act that codifies the law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that
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#17330855121482002-409: Is a city in the north central region of Alabama , United States. Birmingham is the county seat of Jefferson County , Alabama's most populous county. As of the 2023 census estimates, Birmingham had a population of 196,910 down 2% from the 2020 census , making it Alabama's second-most populous city after Huntsville . The broader Birmingham metropolitan area had a 2020 population of 1,115,289, and
2093-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
2184-550: Is also a Unitarian Universalist church in the Birmingham area. The main campus of the Church of the Highlands is located in Birmingham. The church operates schools and churches across Alabama. From Birmingham's early days onward, the steel industry has always played a crucial role in the local economy. Though the steel industry no longer has the same prominence it once held in Birmingham, steel production and processing continue to play
2275-569: Is also one of the largest banking centers in the US. In addition, the Birmingham area serves as headquarters to two Fortune 500 companies: Regions Financial and Vulcan Materials Company , along with multiple other Fortune 1000 companies. In higher education , Birmingham has been the location of the University of Alabama at Birmingham School of Medicine (formerly the Medical College of Alabama) and
2366-564: Is home to the Roman Catholic Diocese of Birmingham , covering 39 counties and comprising 75 parishes and missions as well as seven Catholic high schools and nineteen elementary schools; there are also two Eastern Catholic parishes in the Birmingham area. The Catholic television network EWTN is headquartered in metropolitan Birmingham. There are three Eastern Orthodox Churches in the Metro Area as well, Greek, Russian and American. There
2457-481: Is now the area's largest employer and the second largest in Alabama with a workforce of about 18,750 as of 2011. Health care services providers HealthSouth , Surgical Care Affiliates and Diagnostic Health Corporation are headquartered in the city. Caremark Rx was also founded in the city. Birmingham is a leading banking center and is the location of the headquarters of Regions Financial Corporation . Banks with over
2548-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
2639-570: Is the largest metropolitan area in Alabama as well as the 47th-most populous in the US. Birmingham serves as an important regional hub and is associated with the Deep South , Piedmont , and Appalachian regions of the nation. Birmingham was founded in 1871, during the post– Civil War Reconstruction period , through the merger of three pre-existing farm towns, notably, Elyton . It grew from there, annexing many more of its smaller neighbors, into an industrial and railroad transportation center with
2730-468: Is the only place worldwide where significant amounts of all three minerals can be found in close proximity. From the start the new city was planned as a great center of industry. The founders, organized as the Elyton Land Company, borrowed the name of Birmingham, one of England's main industrial cities, to advertise that point. The growth of the planned city was impeded by an outbreak of cholera and
2821-509: The 2010 U.S. census : In the 2000 census , there were 242,820 people, 98,782 households, and 59,269 families living in Birmingham. The population density was 1,619.7 inhabitants per square mile (625.4/km ). There were 111,927 housing units at an average density of 746.6 per square mile (288.3/km ). The racial makeup of the city was 62.46% Black , 35.07% White , 0.17% Native American , 0.80% Asian , 0.04% Pacific Islander , 0.62% from other races , and 0.83% from two or more races . 1.55% of
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2912-620: The Appalachian foothills – see Ridge-and-Valley Appalachians ) running from north-east to south-west. The valley is drained by small creeks (Village Creek, Valley Creek) which flow into the Black Warrior River . The valley was bisected by the principal railroad corridor, along which most of the early manufacturing operations began. Red Mountain lies immediately south of downtown. Many of Birmingham's television and radio broadcast towers are lined up along this prominent ridge. The "Over
3003-605: The Basel Accords . Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers ,
3094-576: The COVID-19 pandemic . After the 2020 census, Birmingham lost its long-standing status as Alabama's largest city, with Huntsville overtaking Birmingham in total population, though Birmingham remains the state's largest metropolitan area. Birmingham hosted the 2022 World Games in July 2022. In September 2024 a mass shooting occurred in Birmingham, killing four people. Birmingham occupies Jones Valley, flanked by long parallel mountain ridges (the tailing ends of
3185-714: The Civil Rights Act of 1964 . While imprisoned for having taken part in a nonviolent protest, Dr. King wrote the now famous April 16 Letter from Birmingham Jail , a defining treatise in his cause against segregation. Birmingham is also known for the September 15 incident, in which four black girls were killed by a bomb planted at the 16th Street Baptist Church . The event would inspire the African-American poet Dudley Randall 's opus, " The Ballad of Birmingham ", as well as jazz musician John Coltrane 's song "Alabama". In 1998
3276-705: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
3367-631: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
3458-522: The Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and the issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal,
3549-563: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of a bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there
3640-519: The Shelby County School System to form their own school systems. Some argue that the region suffers from having so many suburbs because companies can receive large incentives to move a short distance to another city, with no net gain in the area's economy. Birmingham suburbs (in order of population, 2020 US census): Birmingham has a humid subtropical climate , characterized by hot summers, mild winters, and abundant rainfall. January has
3731-429: The University of Alabama at Birmingham School of Dentistry since 1947. In 1969 the University of Alabama at Birmingham was established, one of three main campuses of the University of Alabama System . Birmingham is also home to two private institutions: Samford University and Miles College . Birmingham was also home to Birmingham-Southern College , before its closure in 2024. Between these colleges and universities,
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3822-577: The Welsers , the Berenbergs , and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to
3913-474: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
4004-594: The 1930s hit Birmingham especially hard as sources of capital that were fueling the city's growth rapidly dried up at the same time that farm laborers, driven off the land, made their way to the city in search of work. New Deal programs put many city residents to work in WPA and CCC programs, making important contributions to the city's infrastructure and artistic legacy, including such key improvements as Vulcan's tower and Oak Mountain State Park . The wartime demand for steel and
4095-404: The 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of
4186-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks,
4277-561: The Birmingham Pledge, written by local attorney James Rotch, was introduced at the Martin Luther King Unity Breakfast. As a grassroots community commitment to combating racism and prejudice, it has since then been used for programs in all fifty states and in more than twenty countries. In the 1970s, urban-renewal efforts focused around the development of the University of Alabama at Birmingham , which developed into
4368-453: The Birmingham area and was felt in the neighboring states and as far as the Carolinas. The 2003 Alabama earthquake centered in northeastern Alabama (magnitude 4.6–4.9) was also felt in Birmingham, Atlanta, Tennessee , Kentucky , and both Carolina states. In the 2020 United States census , there were 200,733 people, 93,300 households, and 46,816 families living in Birmingham. According to
4459-469: The Birmingham area has major colleges of medicine, dentistry, optometry, pharmacy, law, engineering, and nursing. Birmingham is also the headquarters of the Southeastern Conference , one of the major U.S. collegiate athletic conferences. Birmingham was founded on June 1, 1871, by the Elyton Land Company whose investors included cotton planters, bankers and railroad entrepreneurs. It sold lots near
4550-619: The Central Gulf Coast. The record high temperature is 107 °F (42 °C), set on July 29, 1930. The record low is −10 °F (−23 °C), set on February 13, 1899 . The Birmingham area is not prone to frequent earthquakes; its historical activity level is 59% less than the US average. Earthquakes are generally minor and the Birmingham area can feel an earthquake from the Eastern Tennessee Seismic Zone. The magnitude 5.1 Irondale earthquake in 1916 caused damage in
4641-522: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
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#17330855121484732-475: The General Assembly ran county governments as extensions of the state through their legislative delegations. In the 1950s and 1960s Birmingham received national and international attention as a center of the civil rights struggle for African-Americans. Locally the movement's activists were led by Fred Shuttlesworth , a fiery preacher who became legendary for his fearlessness in the face of violence, notably
4823-574: The Mountain" area, including Shades Valley, Shades Mountain and beyond, was largely shielded from the industrial smoke and rough streets of the industrial city. This is the setting for Birmingham's more affluent suburbs of Mountain Brook , Vestavia Hills , Homewood , and Hoover . South of Shades Valley is the Cahaba River basin, one of the most diverse river ecosystems in the United States. Sand Mountain ,
4914-567: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
5005-835: The United States. The Southern Baptist Convention has 673 congregations and 336,000 members in the Birmingham Metro area. The United Methodists have 196 congregations and 66,759 members. The headquarters of the Presbyterian Church in America had been in Birmingham until the early 1980s; the PCA has more than 30 congregations and almost 15,000 members in the Birmingham-Hoover Metropolitan area with megachurches like Briarwood Presbyterian Church . The National Baptist Convention has 126 congregations and 69,800 members. The city
5096-442: The United States. According to the U.S. Census Bureau, the city has a total area of 151.9 square miles (393 km ), of which, 149.9 square miles (388 km ) is land and 2.0 square miles (5.2 km ) (1.34%) is water. Most of the metropolitan area lies outside of the city itself. In 2007, the metropolitan area was made up of 7 counties, 102 cities, and 21 school districts. Since then Alabaster and Pelham have broken away from
5187-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
5278-571: The bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards,
5369-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
5460-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
5551-456: The banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as
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#17330855121485642-704: The beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during
5733-515: The business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
5824-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
5915-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
6006-419: The city center for the first time since the 1920s. These projects helped diversify the city's economy but did not prevent the exodus of many of the city's residents to nearby independent suburbs. In 1979, Birmingham elected Dr. Richard Arrington Jr. as its first African-American mayor. The population inside Birmingham's city limits has fallen over the past few decades, due in large part to " white flight " from
6097-529: The city of Birmingham proper to surrounding suburbs. The city's formerly most populous ethnic group, non-Hispanic white, has declined from 57.4 percent in 1970 to 21.1 percent in 2010. From its highest population of 340,887 in 1960, the population was down to 200,733 in 2020, a loss of about 41 percent. That same period saw a corresponding rise in the populations of the suburban communities of Hoover, Vestavia Hills, Alabaster, and Gardendale, none of which were incorporated as municipalities until after 1950. In 2006,
6188-624: The city's steel mills and blast furnaces, giving it a competitive advantage over industrial cities in the Midwest and Northeast . From its founding through the end of the 1960s, Birmingham was a primary industrial center of the South . The pace of Birmingham's growth during the period from 1881 through 1920 earned its nicknames The Magic City and The Pittsburgh of the South . Much like Pittsburgh , Birmingham's major industries were iron and steel production, plus
6279-620: The city's visitors bureau selected "the diverse city" as a new tag line for the city. In 2011, the Highland Park neighborhood of Birmingham was named as a 2011 America's Great Place by the American Planning Association. In 2015, the International World Game Executive Committee selected Birmingham over Lima, Peru and Ufa, Russia , for the 2021 World Games, but the event was delayed a year due to
6370-439: The city. Vulcan Materials Company , a major provider of crushed stone, sand, and gravel used in construction, is based in Birmingham. In the 1970s and 1980s, Birmingham's economy was transformed by investments in bio-technology and medical research at the University of Alabama at Birmingham (UAB) and its adjacent hospital. The UAB Hospital is a Level I trauma center providing health care and breakthrough medical research. UAB
6461-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
6552-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
6643-512: The decennial census, the state legislature did not undertake this until the early 1970s, when forced by a federal court case to enforce " one man, one vote ". In addition, the geographic basis of the senate, which gave each county one seat, gave undue influence to rural counties. Representatives of rural counties also had disproportionate power in the state house, and failed to provide support for infrastructure and other improvements in developing urban population centers such as Birmingham. At this time,
6734-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
6825-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by
6916-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
7007-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
7098-474: The largest soft-drink bottlers in the United States, each with more than $ 500 million in sales per year, are located in Birmingham. The Buffalo Rock Company , founded in 1901, was formerly a maker of just ginger ale , but now it is a major bottler for the Pepsi Cola Company . Coca-Cola Bottling Company United , founded in 1902, is the third-largest bottler of Coca-Cola products in the U.S. AT&T has
7189-450: The legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining
7280-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
7371-468: The pitching motion of baseball pitchers. High speed video of the pitcher is also collected using a Vision Research high-speed video camera This article related to a non-profit organization is a stub . You can help Misplaced Pages by expanding it . This article about a United States health organization is a stub . You can help Misplaced Pages by expanding it . Birmingham, Alabama Birmingham ( / ˈ b ɜːr m ɪ ŋ h æ m / BUR -ming-ham )
7462-556: The planned crossing of the Alabama & Chattanooga and South & North Alabama railroads, including land formerly a part of the Benjamin P. Worthington plantation. The first business at that crossroads was the trading post and country store operated by Marre & Allen. The site of the railroad crossing was notable for the nearby deposits of iron ore, coal, and limestone – the three main raw materials used in making steel. Birmingham
7553-433: The population was under the age of 18, 11.1% was from 18 to 24, 30.0% from 25 to 44, 20.4% from 45 to 64, and 13.5% was 65 years of age or older. The median age was 34 years. For every 100 females there were 85.7 males. The median income for a household in the city was $ 31,898, and the median income for a family was $ 38,776. Males had a median income of $ 36,031 versus $ 30,367 for females. The city's per capita income
7644-437: The population were Hispanic or Latino of any race. There were 98,782 households, out of which 27.7% had children under the age of 18 living with them, 31.1% were married couples living together, 24.6% had a female householder with no husband present, and 40.0% were non-families. 34.4% of all households were made up of individuals, and 10.4% had someone living alone who was 65 years of age or older. In Birmingham, 25.0% of
7735-446: The post-war building boom gave Birmingham a rapid return to prosperity. Manufacturing diversified beyond the production of raw materials. Major civic institutions such as schools, parks and museums, were able to expand their scope. Despite the growing population and wealth of the city, its residents were markedly underrepresented in the state legislature. Although the state constitution required redistricting in accordance with changes in
7826-442: The precipitation that falls in the summer are from thunderstorms, most of which occur in the afternoon and evening hours. The spring and fall months are pleasant but variable as cold fronts frequently bring strong to severe thunderstorms and occasional tornadoes to the region. The fall season (primarily October) features less rainfall and fewer storms, as well as lower humidity than the spring, but November and early December represent
7917-488: The year, sometimes falling in the form of snow during winter. 10.3 inches (26.2 cm) fell on March 13, 1993, during the 1993 Storm of the Century , which established the highest daily snowfall, one-storm, and winter season total on record. Normal snowfall for 1981–2010 was 1.6 in (4.1 cm). For the same period, the median monthly snowfall for each month was zero. The summer months are hot, with high humidity. Most of
8008-414: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
8099-445: Was $ 19,962. About 22.5% of families and 27.3% of the population were below the poverty line, including 41.9% of those under the age of 18 and 18.3% of those age 65 or over. The Association of Statisticians of American Religious Bodies published data showing that in 2010, among metro areas with a greater than one million population, Birmingham had the second highest ratio of Christians, and the greatest ratio of Protestant adherents, in
8190-479: Was nicknamed "The Heaviest Corner on Earth ". In 1916, Birmingham was hit by the Irondale earthquake , with a 5.1 magnitude. A few buildings in the area were slightly damaged. The earthquake was felt as far as Atlanta and neighboring states. While excluded from the best-paying industrial jobs, Black Americans joined the migration of residents from rural areas to the city for its opportunities. The Great Depression of
8281-589: Was the 9th largest banking hub in the United States by the amount of locally headquartered deposits. In 2014, Birmingham was the 10th largest banking center. Birmingham is a powerhouse of construction and engineering companies, including BE&K , Brasfield & Gorrie , Robins & Morton , and B.L. Harbert International which routinely are included in the Engineering News-Record lists of top design and international construction firms. Two of
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