U.S. Bank and
JPMorgan Chase Bank both saw their share of deposits in Wisconsin and metro Milwaukee decline over the past year, according to the latest data from the FDIC.
The annual summary of deposit data sheds light on deposit market share at the state, metro and county level as of June 30.
Overall deposits in the state were down about 1.2% from 2023 to $193.4 billion. The number of banks in Wisconsin decreased from 197 to 193 and the number of offices or branches in the state decreased from 1,702 to 1,661.
In the latest data, U.S. Bank retained the top spot in Wisconsin with 15.37% of deposits in the state. However, that figure was down 2.55 percentage points from 2023.
Similarly, JPMorgan Chase saw its market share in Wisconsin decline 0.34 percentage points to 6.46%. The bank did maintain its rank with the fourth highest market share in the state.
Wells Fargo and
PNC Bank, the two other largest national banks with a presence in the state, also saw small dips in their market share of 8 basis points and 1 basis point respectively. Wells Fargo is seventh in the state at 2.18% and PNC is 15
th at 0.9%.
On the other hand,
BMO Harris saw the biggest uptick in its market share in Wisconsin, adding 0.46 percentage points to reach 12.37% and remain in third.
Associated Bank remained second and saw its market share increase 0.35 percentage points to 12.96%.
Other banks making significant market share gains in Wisconsin included
Town Bank,
First Business Bank,
Old National Bank,
Bank Five Nine,
Horicon Bank,
Lake Ridge Bank and
Nicolet National Bank.
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In metro Milwaukee – which includes Milwaukee, Waukesha, Ozaukee and Washington counties – total deposits were down about 5.8% to $73.5 billion. The number of banks in the market dropped by one to 44 and the number of branches was down three to 429.
Just like at the state level, U.S. Bank and JPMorgan saw the largest declines in market share in the metro Milwaukee area. U.S. Bank was down 4.37 percentage points to 31.94%, retaining its top spot in the market. JPMorgan was down 0.52 percentage points to 10.6% and remained in third.
Unlike at the state level, Wells Fargo and PNC saw market share gains in metro Milwaukee of 14 and 7 basis points respectively.
BMO was the top gainer in the metro area, increasing its market share 1.26 percentage points to 15.26% and remaining in second.
Associated Bank was up 0.88 percentage points in the metro area to 10.08% and remained in fourth. While Town Bank increased 0.58 percentage points and remained in fifth at 3.49%.
Bank Five Nine’s increase of 0.47 points in the metro Milwaukee area was enough to move up one spot to seventh while Old National jumped two spots to ninth with a 0.3-point increase. Horicon Bank jumped from 32
nd to 24
th with a 0.26 percentage point increase in market share
