Too small to buy out? Dunno. I used to live in the No. VA area, and over a period of years (late 90s- early 00s), all "my" banks got bought out -- I had accounts or a box at (then) Signet (regional) and Sailors & Merchants (only one, that I know of). First Union got 'em all. Meanwhile, my parent's accounts (in another part of the State), eventually got sucked up by Wachovia. Eventually First Union (I tried the inits and the profanity filter didn't like it!...) and Wachovia merged, it's called just Wachovia now I think .. they got it all!

I do agree that it is a bit over concentrating to have 40% of a portfolio in such a ridiculously narrow sector. But hell, it was his money, although it sounds like he was one of the cash cows for unscruplous brokers. Good luck in your seeking redress, you'll need it.