U.S. Bank tops in Wisconsin deposit market share

It leads despite cutting branches

U.S. Bank solidified its position as the deposit market share leader in Wisconsin this year, even as it followed an industry trend of fewer bank branches.

A report released Tuesday by the Federal Deposit Insurance Corp. showed U.S. Bank with total deposits in the state of almost $35.4 billion, for a Wisconsin deposit market share of 22.81%. That means that of every $100 on deposit with banks in the state, $22.81 was with U.S. Bank.

In 2016, U.S. Bank’s deposits in Wisconsin were about $29.8 billion, or 20.74% of total bank deposits. The FDIC conducts its annual deposit survey on June 30 each year and releases the data in October.

As it did last year, BMO Harris Bank remained the solid runnerup in the state, with $19.4 billion in deposits, or a deposit market share of 12.53%.

Green Bay’s Associated Bank, the largest bank based in Wisconsin, was third statewide in deposit market share with about $15 billion, or 9.70%.

However, Associated stands to get a boost in market share next year when it completes its acquisition of Brown Deerbased Bank Mutual, which was ninth in the state in deposits, with $1.9 billion, for a market share of 1.24%.

While some bankers question the rankings because it’s possible for a bank to manipulate totals by buying deposits or shifting a large amount from elsewhere into a market rather than generating them from consumers and businesses locally, they generally show which banks are dominant in a market.

U.S. Bank’s total typically includes billions of dollars on deposit at a branch at 650 N. Plankinton Ave. in Milwaukee, an amount that pushes upward U.S. Bank’s Wisconsin and Milwaukee-area market share.

U.S. Bank had 134 branches in Wisconsin, third in the state behind BMO Harris and Associated.

But that number was down three branches from 137 in 2016, and part of a pattern in the industry of fewer physical branch buildings as more consumers do their banking online and through mobile apps.

Overall in the state, the FDIC counted 2,033 bank branches in Wisconsin this year, down about 4.5% from 2,129 in 2016.

BMO Harris trimmed its Wisconsin branch count by five to 204, while Associated pared four branches, leaving it with 161.

The FDIC’s annual deposit market share doesn’t include money deposited with credit unions in the state.

U.S. Bank also was the deposit market share king in the metro Milwaukee market, at 43.11%. BMO Harris was next with 13.16%, while Associated ranked third at 7.47%.

Here are market share leaders in other metro areas of Wisconsin:

Appleton: BMO Harris, 22.13%; Chase, 17.05%; Associated, 8.51%.

Fond du Lac: National Exchange Bank and Trust, 40.19%; U.S. Bank, 8.35%; Fox Valley Savings Bank, 8.33%.

Green Bay: Associated, 32.59%; Nicolet National, 15.02%; BMO Harris, 12.21%.

Janesveille-Beloit: Associated, 21.38%; BMO Harris, 17.61%; Johnson Bank, 13.14%.

LaCrosse-Onalaska: U.S. Bank, 16.76%; Wells Fargo, 13.57%; Associated, 9.76%,

Madison: BMO Harris, 14.78%; Associated, 12.92%; U.S. Bank, 9.22%.

Oshkosh-Neenah: Associated, 20.89%; Choice Bank, 11.00%; Chase, 10.60%.

Racine: Johnson Bank, 34.93%; BMO Harris, 11.28%; Community State Bank, 8.78%.

Sheboygan: Bank First National, 18.73%; Wisconsin Bank & Trust, 15.40%; Wells Fargo, 14.77%.

Wausau: BMO Harris, 20.89%; Peoples State Bank, 16.62%; River Valley, 14.36%.