Lost amid the carnage in the regional banking industry: a contraction in the small and regional broker-dealer industry that has claimed many firms as of late. While the big boys have all been saved, thanks in part to federal intervention, small broker-dealers have been exiting the business steadily in surprising numbers.

Since 2005, when 5,111 broker-dealers were registered with the FINRA, the number of firms has declined to 4,693, that's about 8 percent, according to Investment News. There are many reasons one could cite: the economy, the regulatory climate, the rise of registered investment advisors and so on. They all probably played a role, especially lately.

We've seen a spate of closures, involving Nationwide Financial Network, GunnAllen Financial and AFA Financial Group. The latest: Okoboji Financial Services, of Iowa, has notified regulators that it will cease business as a broker-dealer. It had been embroiled in an SEC (SEC news) lawsuit against a Provident Royalties, which sold oil and gas private placements. Okoboji Financial Services was fined for various rules violation as part of its distribution efforts. In March, Okoboji Financial lost a $978,000 arbitration over unsuitable structured settlements, according to Investment News. 

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