Elkhart County, Indiana, a core county of the South Bend-Elkhart-Mishawaka, IN-MI market, holds $4.6B in deposits across 16 insured institutions and 51 branches. Lake City Bank is the largest deposit holder at 24.1% share. The top three institutions hold 68.2% of deposits, which places the county in the concentrated band. Deposits have grown 26.1% since 2020 while the branch count fell by 3. It produces $17.8B of output, ranking #239 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 54 in 2020 to 51 in 2025. Institutions: 16 to 16. Top-three share: 68.9% to 68.2%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Lake City Bank | $1.1B | 24.1% | +35% |
| 1st Source Bank | $1.0B | 22.2% | +45% |
| JPMorgan Chase Bank, National Association | $1.0B | 22.0% | +3% |
| First State Bank of Middlebury | $636M | 13.8% | +29% |
| KeyBank National Association | $322M | 7.0% | -1% |
| Fifth Third Bank, National Association | $142M | 3.1% | +314% |
| Centier Bank | $120M | 2.6% | +291% |
| PNC Bank, National Association | $64M | 1.4% | +9% |
| Old National Bank | $58M | 1.2% | -25% |
| Horizon Bank | $31M | 0.7% | +169% |
The 10 insured institutions with a branch presence in this county, as of 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. Even so, a large gain can reflect acquisition rather than organic growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the South Bend-Elkhart-Mishawaka market
Elkhart County is one of 6 counties that make up the South Bend-Elkhart-Mishawaka, IN-MI market, a Combined Statistical Area (ranked #73 of 293 U.S. markets by economic output). It produces 35.5% of the market’s output and holds 28.1% of its deposits.
| Measure | Elkhart County | Share of South Bend-Elkhart-Mishawaka market |
|---|---|---|
| 2024 GDP | $17.8B | 35.5% |
| Deposits | $4.6B | 28.1% |
| Population | 208,774 | 25.7% |
View the full South Bend-Elkhart-Mishawaka market profile →
Recruiting in Elkhart County
Deposits are held closely by the largest banks, which often means the bankers worth recruiting are inside a small 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 Elkhart County, on a retained basis.
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