U.S. Bank remains the deposit market share leader in Wisconsin, a report by the Federal Deposit Insurance Corp. Shows.
Of every $100 deposited with banks in Wisconsin, $17.98 — or 17.98 % of the total — was with U.S. Bank as of June 30, according to the regulatory agency’s annual Summary of Deposits. The report put U.S. Bank’s Wisconsin deposits at about $32.2 billion.
Trailing U.S. Bank in deposit market share were BMO Harris Bank and Associated Bank, at 13.65% and 10.57%, respectively.
Although it’s possible for a bank to change totals by buying deposits or shifting a large amount from elsewhere into a market rather than generating them from consumers and businesses locally, the annual FDIC deposit report generally reflects which banks are leaders in a state or local market.
Rounding out the top 12 banks in deposit market share in Wisconsin were:
Chase, 7.47%; Wells Fargo, 3.74%; Johnson Bank, 2.75%; Nicolet National Bank, 1.99%; Town Bank, 1.44%; PNC Bank, 1.36%; Bank First, 1.26%; North Shore Bank, 1.05%; and National Exchange Bank and Trust, 0.98%.
The FDIC report also shows how bank deposits rank in the state’s biggest metro markets. BMO Harris was tops in market share in four metro areas in Wisconsin – more than any other bank. National Exchange Bank and Trust held the most dominant local market share, with nearly 43% of bank deposits in the Fond du Lac market.
Here are the deposit market share leaders in individual metro markets in Wisconsin.
- Appleton: BMO Harris, 21.0%; Chase, 12.14%; Associated Bank, 11.28%.
- Eau Claire: Charter Bank, 16.97%; Northwestern Bank, 11.41%; Associated Bank, 11.0%.
- Fond du Lac: National Exchange Bank and Trust, 42.68%; Hometown Bank, 8.65%; U.S. Bank, 8.60%.
- Green Bay: Associated Bank, 34.88%; Nicolet National Bank, 17.42%; BMO Harris, 12.82%.
- Janesville-Beloit: BMO Harris, 18.55%; Johnson Bank, 15.19%; The First National Bank and Trust Co., 14.67%.
- La Crosse-Onalaska: Merchants Bank, 11.68%; Associated Bank, 11.61%; State Bank Financial, 9.67%.
- Madison: BMO Harris, 15.53%; Associated Bank, 10.34%; U.S. Bank, 8.30%.
- Milwaukee: U.S. Bank, 35.23%; BMO Harris, 15.51%; Chase, 11.76%.
- Oshkosh-Neenah: Associated Bank, 24.55%; Nicolet National Bank, 20.92%; West Pointe Bank, 9.17%.
- Sheboygan: Bank First, 19.35%; Wisconsin Bank & Trust, 12.56%; Wells Fargo, 11.46%.
- Wausau-Weston: BMO Harris, 23.54%; Incrediblebank, 16.14%; Peoples State Bank, 14.64%.
The FIDC report also showed that the number of bank branches in Wisconsin declined by 3.4% since 2019, to 1,855 from 1,921.
Paul Gores is a journalist who covered business news for the Milwaukee Journal Sentinel for 20 years. Have a story idea? Contact him at firstname.lastname@example.org.
By, Ally Bates