The bank with the most deposits across all of Wisconsin only increased its lead as total deposits in the state crossed $200 billion for the first time, according to the latest FDIC Summary of Deposits for 2021.
In the two years ending June 30, Wisconsin saw deposits increase nearly $50 million to $200.9 billion, including a nearly 19% increase in 2020 and a 12% increase for the year ending June 30, 2021. The state went from 20 banks with at least $1 billion in deposits in the state in 2019 to 25 in 2020 and 32 in 2021.
At the same time, the number of banks and offices in Wisconsin has continued to decline. There were 210 banks in the market as of June 30, down six from the previous year. The number of offices also dropped from 1,852 to 1,800.
As recently as 2016, there were 257 banks in the Wisconsin market with 2,129 offices.
Deposits grew even faster across the Milwaukee 7 region, increasing 13.5% in the past year to $98.7 billion after growing more than 22% for the year ending June 30, 2020.
The region saw similar trends as the state, ending the period with 52 banks in the market, two fewer than 2020. The number of offices also dropped from 590 to 565.
In 2016, the Milwaukee 7 region had 61 banks with 694 offices.
U.S. Bank had the top deposit market share in the state at 17.98% in 2020 and only increased its lead with the addition of $8.66 billion in deposits in the state, reaching a total of nearly $41 billion. U.S. Bank’s market share increased 2.38 percentage points to 20.36%. The bank had 113 offices in the state, down from 120, with its downtown Milwaukee office at the U.S. Bank Center accounting for more than 72% of its deposits.
Every other bank in the top 10 for deposit market share in Wisconsin saw its overall share decline from 2020 to 2021, even though all but two of them saw total deposits increase from the previous year.
Deposits at BMO Harris offices in Wisconsin increased $1.1 billion or 4.6% to $25.6 billion, still the second highest total in the state, but a 0.9 percentage point decrease in share to 12.75%.
Similarly, Associated Bank saw its deposits increase almost $810 million or 4.3% to $19.8 billion, but its market share dropped 0.73 percentage points.
Those declines were the largest for any bank in the state.
Among other Wisconsin-based banks in the top 10 for deposit share in the state, Johnson Bank lost 0.31 percentage points of share as deposits were down 0.6% to $4.9 billion. Nicolet National Bank increased deposits 10.75% to almost $4 billion, but its share was still off 0.02 percentage points. Town Bank grew deposits 1.4% to $2.6 billion but lost 0.14 percentage points of share.
Bank First grew its deposits 8.14% to more then $2.4 billion. While it lost 0.04 percentage points of share, it was enough to move ahead of PNC Bank for ninth in the Wisconsin market. PNC’s Wisconsin deposits decreased 3.4% to $2.3 billion and its share dropped 0.19 percentage points.
U.S. Bank’s share gains were even more pronounced in southeastern Wisconsin where its share increased 3.41 percentage points to 34.87%. The bank’s deposits in the region increased 25.8% to $34.5 billion.
Tri City National was the only other bank to see its share in the M7 region increase with deposits up 19.2% to $1.74 billion. The increase was enough to move its share up 0.09 percentage points to 1.76% and move it ahead of North Shore Bank, which had 1.68% of the deposit market share in the region. North Shore’s deposits did increase 7.5%.
The other change among the top 10 in the region came as Town Bank moved ahead of PNC for the seventh largest share of deposits. Town Bank’s southeastern Wisconsin deposits increased 4.8% to $2.51 billion, good enough for 2.54% of the market. PNC’s deposits in the region dropped 3.4% to $2.35 billion.
BMO Harris continued to have the second largest share in the region at 14.17% after its deposits increased 8.7% to nearly $14 billion. JP Morgan was third at 11.57% share following a 12.1% increase in deposits to $11.4 billion.
Associated Bank was fourth in region at 6.98% share, a drop of 0.9 percentage points as deposits in the region were up less than 1%. Associated had nearly $6.9 billion in deposits at its southeastern Wisconsin offices.
Wells Fargo came in fifth at 4.03% share. Its deposits were up 3.5% to nearly $4 billion.
Johnson Bank was sixth as its deposits dropped 2.3% in the region to almost $3.1 billion. Johnson’s share was down a half percentage point to 3.13%.
