U.S. Bank surpasses M&I for top Milwaukee market share

The former M&I Bank has lost its top spot in Milwaukee area market share, according to a Federal Deposit Insurance Corp. report.
The annual report displays market share as of June 30. M&I’s former parent company, Marshall & Ilsley Corp., was acquired by Toronto-based BMO Financial Group on July 5, and is now part of BMO Harris Bank.
U.S. Bank is the new No. 1 bank in the Milwaukee-Waukesha-West Allis metropolitan statistical area, in terms of deposits. It has $17.7 million, or 32.5 percent of the deposits in the local market.
M&I came in second place, with $12.3 million, or 22.59 percent. In the number three spot was JP Morgan Chase, with $4.7 million, 8.62 percent. Fourth was Associated Bank, with $2.4 million, or 4.35 percent of market share, followed by Wells Fargo in fifth place with about $1.5 million in deposits.
There were 57 financial institutions in the Milwaukee MSA, with more than $54 million in deposits, as of June 30.