Boone County, Indiana, a core county of the Indianapolis-Carmel-Muncie, IN market, holds $1.8B in deposits across 16 insured institutions and 25 branches. PNC Bank, National Association is the largest deposit holder at 18.8% share. The top three banks hold 49% of deposits, which places the county in the Moderate band. Deposits have grown 54.9% since 2020 while the branch count rose by 38.9%. It produces $4.8B of output, ranking #612 of the 1,523 ranked counties by economic output.
Ranks show where the county stands among the 1,523 ranked counties (those within a Combined or Metropolitan Statistical Area that have a branch). They describe relative position, not a rating of market quality or suitability.
Deposit trend
Branches: 18 in 2020 to 25 in 2025. Institutions: 11 to 16. Top-three share: 49% to 49%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| PNC Bank | $347M | 18.8% | +68% |
| JPMorgan Chase Bank | $302M | 16.3% | +42% |
| Old National Bank | $266M | 14.4% | +183% |
| The Home National Bank of Thorntown | $163M | 8.8% | +40% |
| The Huntington National Bank | $154M | 8.3% | +50% |
| State Bank | $120M | 6.5% | -29% |
| The North Salem State Bank | $103M | 5.6% | +147% |
| KeyBank | $91M | 4.9% | +9% |
| BMO Bank | $89M | 4.8% | +4% |
| The Farmers Bank, Frankfort, Indiana | $68M | 3.7% | +30% |
| Centier Bank | $64M | 3.5% | +110% |
| Regions Bank | $21M | 1.2% | no 2020 presence |
| STAR Financial Bank | $21M | 1.1% | no 2020 presence |
| Fifth Third Bank | $20M | 1.1% | no 2020 presence |
| First Farmers Bank & Trust Co. | $14M | 0.7% | no 2020 presence |
| Security Federal Savings Bank | $6M | 0.3% | no 2020 presence |
The 16 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, June 30, 2025. Five-year change compares the same institution’s county deposits in 2020 and 2025. Institutions are tracked by FDIC certificate number, and where an institution acquired another bank, the acquired bank’s prior deposits are folded into the baseline so the change reflects the combined, continuing franchise rather than reading as new. “No 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year. Deposit figures are nominal and are not adjusted for inflation.
Part of the Indianapolis-Carmel-Muncie market
Boone County is one of 20 counties that make up the Indianapolis-Carmel-Muncie, IN market, a Combined Statistical Area (ranked #26 of 293 U.S. markets by economic output). It produces 2.5% of the market’s output and holds 1.8% of its deposits.
| Measure | Boone County | Share of parent market |
|---|---|---|
| 2024 GDP | $4.8B | 2.5% |
| Deposits | $1.8B | 1.8% |
| Population | 80,689 | 3.0% |
View the full Indianapolis-Carmel-Muncie market profile →
Recruiting in Boone County
Deposits are split among a moderate number of institutions. Who holds the deposits, and how contested the market is, shapes both the runway for growth and the competition you would be recruiting against. We recruit commercial relationship managers, banking teams, and market leaders for banks building in markets like Boone County.
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