Morgan County, Indiana, a core county of the Indianapolis-Carmel-Muncie, IN market, holds $1.4B in deposits across 9 insured institutions and 21 branches. Citizens Bank is the largest deposit holder at 29.7% share. The top three institutions hold 69.4% of deposits, which places the county in the concentrated band. Deposits have grown 25.4% since 2020 while the branch count fell by 1. It produces $2.4B of output, ranking #859 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 22 in 2020 to 21 in 2025. Institutions: 9 to 9. Top-three share: 71.3% to 69.4%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Citizens Bank | $430M | 29.7% | +16% |
| Home Bank SB | $313M | 21.6% | +26% |
| BMO Bank National Association | $261M | 18.0% | +29% |
| First Merchants Bank | $179M | 12.3% | +26% |
| JPMorgan Chase Bank, National Association | $109M | 7.5% | +65% |
| KeyBank National Association | $65M | 4.5% | +22% |
| Regions Bank | $56M | 3.9% | +37% |
| The Peoples State Bank | $30M | 2.1% | +18% |
| Woodforest National Bank | $4M | 0.3% | +19% |
The 9 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 competitive growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Indianapolis-Carmel-Muncie market
Morgan 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 1.2% of the market’s output and holds 1.4% of its deposits.
| Measure | Morgan County | Share of Indianapolis-Carmel-Muncie market |
|---|---|---|
| 2024 GDP | $2.4B | 1.2% |
| Deposits | $1.4B | 1.4% |
| Population | 74,967 | 2.8% |
View the full Indianapolis-Carmel-Muncie market profile →
Recruiting in Morgan 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 Morgan County, on a retained basis.
Start a confidential conversation