Changes in 1996 by the Federal Reserve Bank regarding the definition of so-called Tier 1 capital for banks unlocked new opportunities for depositories as well as investors. While the former tapped a non dilutive source of growth capital, the latter earned a yield premium, and the ability to diversify their financial services risk profile into community and local banks. This material was one chapter in a book I wrote for investment banker Cohen Brothers & Company called The Revolution and Evolution in Community Banking.