Indianapolis-Carmel-Muncie, IN holds $101.9 billion in deposits across 59 insured institutions and 616 branches, ranking #26 of 293 U.S. markets by economic output. JPMorgan Chase Bank is the largest deposit holder at 14.1% share. The top three institutions hold 38.1% of deposits, which places the market in the fragmented band. Deposits have grown 32% since 2020 while the branch count fell by 37.
Deposit trend
Branches: 653 in 2020 to 616 in 2025. Institutions: 57 to 59. Top-three share: 40.1% to 38.1%. Deposits per branch: $165M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| JPMorgan Chase Bank | 14.4B | 14.1% | +3% |
| PNC Bank | 12.9B | 12.7% | +27% |
| Merchants Bank of Indiana | 11.5B | 11.3% | +190% |
| First Merchants Bank | 7.2B | 7.0% | +55% |
| Fifth Third Bank | 6.8B | 6.7% | +1% |
| The Huntington National Bank | 6.3B | 6.2% | +45% |
| First Internet Bank of Indiana | 5.3B | 5.2% | +56% |
| BMO Bank | 4.6B | 4.5% | +7% |
| Bank of America | 4.4B | 4.4% | +32% |
| KeyBank | 3.1B | 3.1% | -14% |
The 10 largest of 59 insured institutions with a branch presence, as of June 30, 2025. Five-year change compares the same institution's deposits in 2020 and 2025; an acquirer absorbs the balances of banks it bought.
Counties in this market
| County | State | GDP | Population | Share of GDP |
|---|---|---|---|---|
| Marion County | Indiana | $108,740M | 992,196 | 56.6% |
| Hamilton County | Indiana | $24,904M | 387,036 | 13.0% |
| Hendricks County | Indiana | $7,828M | 193,510 | 4.1% |
| Bartholomew County | Indiana | $7,130M | 85,729 | 3.7% |
| Johnson County | Indiana | $5,929M | 174,262 | 3.1% |
| Howard County | Indiana | $4,917M | 83,904 | 2.6% |
| Boone County | Indiana | $4,790M | 80,689 | 2.5% |
| Delaware County | Indiana | $4,278M | 113,106 | 2.2% |
| Madison County | Indiana | $4,262M | 135,088 | 2.2% |
| Hancock County | Indiana | $3,776M | 90,969 | 2.0% |
| Jackson County | Indiana | $2,888M | 47,370 | 1.5% |
| Morgan County | Indiana | $2,373M | 74,967 | 1.2% |
| Shelby County | Indiana | $2,204M | 45,882 | 1.1% |
| Montgomery County | Indiana | $1,784M | 38,954 | 0.9% |
| Decatur County | Indiana | $1,635M | 26,576 | 0.9% |
| Henry County | Indiana | $1,535M | 49,137 | 0.8% |
| Putnam County | Indiana | $1,110M | 37,876 | 0.6% |
| Miami County | Indiana | $969M | 34,487 | 0.5% |
| Tipton County | Indiana | $592M | 15,319 | 0.3% |
| Brown County | Indiana | $342M | 15,777 | 0.2% |
Recruiting in Indianapolis
No single institution dominates deposits here, which usually means more competitors of a size where a strong team can move meaningful share. 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 this one, on a retained basis.
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