Madison-Janesville-Beloit, WI holds $35.1 billion in deposits across 52 insured institutions and 235 branches, ranking #56 of 293 U.S. markets by economic output. BMO Bank is the largest deposit holder at 12.4% share. The top three institutions hold 29.5% of deposits, which places the market in the fragmented band. Deposits have grown 21% since 2020 while the branch count fell by 29.
Deposit trend
Branches: 264 in 2020 to 235 in 2025. Institutions: 57 to 52. Top-three share: 33.4% to 29.5%. Deposits per branch: $149M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| BMO Bank | 4.4B | 12.4% | -6% |
| Associated Bank | 3.4B | 9.6% | +12% |
| First Business Bank | 2.6B | 7.5% | +115% |
| Lake Ridge Bank | 2.6B | 7.3% | +103% |
| U.S. Bank | 2.1B | 6.1% | +4% |
| JPMorgan Chase Bank | 1.7B | 4.7% | +6% |
| John Deere Financial, f.s.b. | 1.5B | 4.3% | +21% |
| One Community Bank | 1.4B | 4.0% | +47% |
| Old National Bank | 1.3B | 3.7% | +45% |
| The Park Bank | 1.2B | 3.4% | +31% |
The 10 largest of 52 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 |
|---|---|---|---|---|
| Dane County | Wisconsin | $51,264M | 590,375 | 72.9% |
| Rock County | Wisconsin | $8,438M | 166,472 | 12.0% |
| Sauk County | Wisconsin | $4,216M | 66,652 | 6.0% |
| Columbia County | Wisconsin | $3,179M | 58,132 | 4.5% |
| Green County | Wisconsin | $2,011M | 37,227 | 2.9% |
| Iowa County | Wisconsin | $1,233M | 23,951 | 1.8% |
Recruiting in Madison
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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