While U.S. Bank continues to have the top deposit market share across metro Milwaukee, southeastern Wisconsin and the entire state, Associated Bank, BMO Harris and several other local banks saw strong gains, according to the latest FDIC Summary of Deposits Annual Survey.
The annual report provides deposit totals at the branch office level for FDIC-insured banks across the country as of June 30 each year.
Statewide, deposits at Wisconsin branches totaled $195.7 billion, down 5% from the same point in 2022. Around 46% of those deposits were at offices in southeastern Wisconsin, defined as the Milwaukee 7 region plus Sheboygan County.
Southeastern Wisconsin’s deposits were down about 12.5%.
Metro Milwaukee, which includes Milwaukee, Waukesha, Ozaukee and Washington counties, had deposits totaling just under $78 billion, a 14.1% decline from 2022. The metro accounted for about 40% of all deposits in the state.
Statewide market share
U.S. Bank’s branches had $35.1 billion worth of deposits in Wisconsin, enough for 17.91% market share. However, the bank’s share of deposits was down nearly 3.2 percentage points from 2022.
Associated Bank was the biggest gainer with its deposits climbing 19.6% to $24.7 billion in the state. The increase was enough to increase Associated’s market share by 2.6 percentage points to 12.61%, moving the bank to second in the state.
BMO Harris dropped to third, but its market share was up by 0.12 percentage points even as deposits were down 4% to $23.3 billion.
JPMorgan Chase remained in fourth but its market share dropped by 0.83 percentage points to 6.8%. The bank’s deposits in Wisconsin were down 15.2% year-over-year to $13.3 billion.
Nicolet National Bank rounded out the top five with a 0.54 percentage point increase in market share to 3.22%. The bank’s deposits in Wisconsin were up 14% to $6.3 billion.
Johnson Bank, Wells Fargo, Bank First, Town Bank and Old National rounded out the remainder of the top 10.
Southeastern Wisconsin shifts
A similar pattern played out across southeastern Wisconsin, although Associated Bank’s gains were not enough to move it up the rankings.
U.S. Bank maintained the top market share despite a 4.37 percentage point drop to 32.03%.
BMO Harris was second, gaining 0.81 percentage points to reach 13.5% share while JPMorgan Chase was third despites a 0.49 percentage point decrease to 11.05%.
Associated Bank increased its market share 1.45 percentage points to 8.88%.
Johnson Bank was fifth with 3.71% market share, up 0.43 percentage points from the prior year.
Town Bank, Wells Fargo, PNC Bank, North Shore Bank and Tri City National rounded out the top five. All saw market share gains in the year.
Metro Milwaukee market
At the metro Milwaukee level, U.S. Bank and JPMorgan again saw market share losses of 4.42 and 0.42 percentage points respectively while BMO and Associated saw gains of 0.96 and 1.67 percentage points.
Town Bank ranked fifth in the metro market with 2.91% share, up 0.45 percentage points from 2022 behind a 1.8% increase in deposits.
Wells Fargo and PNC Bank were sixth and seventh, their same rank from 2022, despite 12.7% and 11.7% decreases in deposits. Each did pick up a few basis points of market share.
Bank Five Nine climbed from 11
th to eighth behind a 10.8% increase in deposits, pushing its market share up 0.41 percentage points to 1.83%.
North Shore Bank remained in ninth at 1.76% market share, up 0.19 percentage points.
Tri City National dipped to tenth despite a slight increase in its market share.
See the table below for a more detailed breakdown of the top 25 banks in the metro based deposit market share.
| Bank |
Offices in Market |
Deposits ($000s) |
Market Share |
Change in Share from 2022 |
Change in Deposits |
2022 Rank |
2023 Rank |
| U.S. Bank |
42 |
28,309,192 |
36.31% |
-4.42% |
-23.4% |
1 |
1 |
| BMO Harris Bank |
62 |
10,913,813 |
14.00% |
0.96% |
-7.8% |
2 |
2 |
| JPMorgan Chase Bank |
26 |
8,671,151 |
11.12% |
-0.42% |
-17.3% |
3 |
3 |
| Associated Bank |
42 |
7,174,990 |
9.20% |
1.67% |
5.0% |
4 |
4 |
| Town Bank |
13 |
2,271,172 |
2.91% |
0.45% |
1.8% |
5 |
5 |
| Wells Fargo Bank |
11 |
1,846,677 |
2.37% |
0.04% |
-12.7% |
6 |
6 |
| PNC Bank |
25 |
1,740,940 |
2.23% |
0.06% |
-11.7% |
7 |
7 |
| Bank Five Nine |
15 |
1,425,577 |
1.83% |
0.41% |
10.8% |
11 |
8 |
| North Shore Bank |
26 |
1,399,361 |
1.79% |
0.19% |
-3.9% |
9 |
9 |
| Tri City National Bank |
23 |
1,375,220 |
1.76% |
0.06% |
-11.0% |
8 |
10 |
| Old National Bank |
6 |
1,261,046 |
1.62% |
0.22% |
-0.5% |
12 |
11 |
| Waterstone Bank |
16 |
1,254,201 |
1.61% |
0.18% |
-3.1% |
10 |
12 |
| Waukesha State Bank |
15 |
1,156,106 |
1.48% |
0.16% |
-3.8% |
13 |
13 |
| Johnson Bank |
7 |
864,015 |
1.11% |
0.05% |
-10.0% |
14 |
14 |
| The Port Washington State Bank |
8 |
812,073 |
1.04% |
0.11% |
-3.8% |
16 |
15 |
| Citizens Bank |
10 |
776,471 |
1.00% |
0.11% |
-4.4% |
17 |
16 |
| Westbury Bank |
9 |
760,510 |
0.98% |
0.03% |
-12.3% |
15 |
17 |
| The Huntington National Bank |
11 |
623,959 |
0.80% |
-0.01% |
-14.9% |
18 |
18 |
| First-Citizens Bank & Trust Company |
7 |
540,845 |
0.69% |
0.07% |
-4.5% |
21 |
19 |
| Great Midwest Bank |
6 |
522,332 |
0.67% |
0.13% |
7.0% |
22 |
20 |
| CIBC Bank USA |
1 |
433,232 |
0.56% |
-0.17% |
-34.4% |
19 |
21 |
| Pyramax Bank |
6 |
390,574 |
0.50% |
0.05% |
-4.0% |
23 |
22 |
| First Business Bank |
1 |
379,424 |
0.49% |
0.14% |
19.5% |
24 |
23 |
| Forte Bank |
3 |
303,280 |
0.39% |
0.07% |
3.8% |
26 |
24 |
| Spring Bank |
1 |
288,539 |
0.37% |
0.02% |
-8.7% |
25 |
25 |
