Banks gain deposit market share in Milwaukee

K&C's work is to build trust and strengthen relationships between brands (banks, insurance, healthcare, hospitality, etc.) and black and brown communities. Here are some of the latest bank industry highlights from the Milwaukee Area Biz Times article on Sept 20, 2024:

• 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.

• 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.

• 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 15th at 0.9%.

• 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.

• 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.

• Horicon Bank jumped from 32nd to 24th with a 0.26 percentage point increase in market share.
  

For more source information and the full article, visit BizTimes.com.