Banks based in Wisconsin saw their share of total deposits in the state grow more than a full percentage point in the past year, according to new data from the FDIC.
Wisconsin headquartered banks had 51.62% of deposits in the state as of June 30, up from 50.36% at the same point in 2021. The growth reversed a downward trend that saw market share for state banks decline from 53.83% in 2019.
Overall, deposits in the state grew to $205.9 billion, a 2.5% increase from 2021. The pace of growth was slower than recent years – 12% in 2021 and 18.6% in 2020 – when federal stimulus programs helped push deposits higher.
There were 205 banks in the Wisconsin market this year with 1,742 offices, down from 210 banks with 1,799 offices a year ago. Five years ago there were 241 banks with 2,034 offices and a decade ago the state had 295 banks with 2,287 offices
U.S. Bank continued to have the largest deposit market share in the state at 21.1%, up 0.74 percentage points from 2021 to $43.5 billion.
BMO Harris Bank, on the other hand, saw its share decline 0.96 percentage points to 11.79%, although it remained the second largest by deposit share at $24.3 billion.
Associated Bank remained the largest Wisconsin-based bank in the state by deposits at $20.6 billion. Its market share increased 0.17 percentage points to 10.01%.
JP Morgan Chase remained in fourth at 7.63% market share.
Two Wisconsin-based banks did jump ahead of Wells Fargo for fifth and sixth.
Nicolet National Bank, which completed two acquisitions between the 2021 and 2022 measurement dates, climbed from seventh to fifth in market share. Its deposits were up nearly 40% to $5.5 billion and its market share climbed 0.71 percentage points to 2.68%.
Johnson Financial Group remained in sixth but saw its market share climb 0.1 percentage points to 2.54%
Wells Fargo saw its share of the state’s deposits drop 0.97 percentage points to 2.53%. The bank’s deposits in Wisconsin went from $7 billion to $5.2 billion.
Rounding out the top 10 were Town Bank, 1.44% market share, up 0.14, Bank First, 1.27% market share, up 0.05 points, and Old National Bank, 1.25% market share, up 0.52 percentage points. Old National’s move from 15th to 10th was boosted by its acquisition of First Midwest Bank.
PNC Bank fell from 10th in 2021 to 13th this as its market share declined 0.19 percentage points to 0.98%. Its deposits in the state were down around 13.8% to $2 billion.
First Business Bank also saw its deposit share in the state drop 0.17 points, moving it from 11th to 15th. The bank’s Wisconsin deposits were down 13.7% to $1.77 billion.
National Exchange Bank and Trust and North Shore Bank both moved up one spot to 11th and 12th respectively. Both banks saw their market share increase 0.01 percentage points. National Exchange increased deposits 4% while North Shore was up about 3.2%.
Tri City National Bank remained in 14th, growing its market share 0.05 percentage points to 0.91%. The bank’s deposits were up 8% year-over-year.