There are a total of 109 banks currently operating in the state of Michigan that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 83 are also headquartered in the state. Therefore, these 83 banks can be considered Michigan-based banks though they might operate nationally or internationally. Banks operating within the state had in total $88 billion of assets, $71 billion of deposits and $61 billion of loans outstanding as of this writing. Banks in Michigan state currently employ a total of 15,999 people within the state. This amounts to 0.2% of the overall population of the state. In addition, residential mortgages made up 28% of the assets managed by banks operating within the state.

Density of Banks in Michigan

There are a total of 2,239 bank branches located within the state of Michigan. This works out to a ratio of approximately 2.2 branches per 10,000 people in Michigan.  Comparing the banks in Michigan to banks operating in other states on this measure, Michigan ranks 36th out of 52 states and territories in terms of branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Michigan had on average 4.0 branches per 100 square miles. Therefore, Michigan ranks 20th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Michigan

performance-of-banks-in-Michigan

  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in Michigan is ranked 24th out of the 52 states and main territories in the country.
  • Return on Assets – banks in the state of Michigan are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Michigan is ranked 6th out of the 52 states and main territories in the United States.
  • Return on Equity – banks in this state on average have a higher return on equity than the national average. Overall, the Return on Equity for banks in Michigan is ranked 5th out of the 52 states and main territories in the country.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Michigan are ranked 3rd out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average worse than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Michigan are ranked 47th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Michigan

deposit-market-share-of-banks-in-Michigan

As of this writing JPMorgan Chase Bank is the largest bank operating in Michigan and this is based on its share of deposits within the state. JPMorgan Chase Bank currently has a 24% share of the deposits within the state. Below is summary information on the top 5 largest banks in Michigan.

JPMorgan Chase Bank

JPMorgan Chase Bank currently has the largest share of deposits within the state and has $74.6 billion of deposits. In addition to this the bank also has 195 offices within the state, which represents 4% of its total domestic offices.

Main Office Address: 1111 Polaris Pkwy. Columbus, OH 43240

Website: www.jpmorganchase.com

The Huntington National Bank

The Huntington National Bank currently has the second largest share of deposits within the state and has $40.8 billion of deposits. The bank also has 465 offices within the state, which represents 36% of its total domestic offices.

Main Office Address: 17 S High St Columbus, OH 43215

Website: www.huntington.com

Comerica Bank

Comerica Bank currently has the third largest share of deposits within the state and has $39.0 billion of deposits. The bank also has 188 offices within the state, which represents 43% of its total domestic offices.

Main Office Address: 1717 Main St. Dallas, TX 75201

Website: www.comerica.com

Bank of America

Bank of America currently has the fourth largest share of deposits within the state and has $30.7 billion of deposits. Further, the bank also has 84 offices within the state, which represents 2% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bankofamerica.com

PNC Bank

PNC Bank currently has the fifth largest share of deposits within the state and has $23.4 billion of deposits. In addition, the bank also has 154 offices within the state, which represents 7% of its total domestic offices.

Main Office Address: 222 Delaware Ave. Wilmington, DE 19899

Website: www.pnc.com