Market Intelligence

Milwaukee-Racine-Waukesha, WI

Banking market profile · FDIC Summary of Deposits, June 30, 2025
Market Intelligence › Milwaukee-Racine-Waukesha, WI

Milwaukee-Racine-Waukesha, WI, a Combined Statistical Area, holds $87.8 billion in deposits across 59 insured institutions and 544 branches, ranking #37 of 293 U.S. markets by economic output. U.S. Bank is the largest deposit holder at 30.2% share. The top three institutions hold 53.5% of deposits, which places the market in the moderate band.

Economic scale
2024 Real GDP
$129.6B
#37 of 293
Population
2.06M
#37 of 293
GDP per Capita
$63,061
#70 of 293
Deposit market
Total Deposits
$87.8B
#37 of 293
Deposits per Capita
$42,711
#36 of 293
Deposits per Branch
$161M
#52 of 293
Competitive structure
Insured Institutions
59
#26 of 293
Branches per 100k Pop.
26.5
#117 of 293
Median Deposits per Institution
$362M
The median deposits booked by a single institution in the market. #47 of 293. A lower figure means institutions typically hold smaller deposit positions here; it reflects local deposit presence, not an institution’s overall size. See Community & Regional Bank Share for institution scale.
Community & Regional Bank Share
38.9%
of market deposits held by banks with $100M to $50B in assets. #211 of 293. A higher share points to a market where small to mid-size institutions, the kind that compete on relationships and local decision-making, hold more ground.
Top-3 Deposit Share: moderate
53.5%
The combined deposit share of the three largest institutions in the market. A lower share means deposits are spread across more institutions.

Ranks show where the market stands among the 293 markets (Combined and Metropolitan Statistical Areas). They describe relative position, not a rating of market quality or suitability.

Deposit trend

Total market deposits (nominal), 2020 to 2025 +1.1% over 5 years
$86.8B
2020
$98.7B
2021
$100.8B
2022
$88.0B
2023
$83.7B
2024
$87.8B
2025

Branches: 611 in 2020 to 544 in 2025. Institutions: 64 to 59. Top-three share: 57.1% to 53.5%. Deposits per branch: $161M.

Institutions by deposits

InstitutionDepositsShare Branches5‑yr
U.S. Bank$26.6B30.2%42-3%
BMO Bank$11.6B13.2%63-9%
Associated Bank$8.9B10.1%46+28%
JPMorgan Chase Bank$8.7B9.9%34-10%
Town Bank$3.4B3.9%22+43%
Johnson Bank$2.9B3.3%16+12%
Bank Five Nine$2.1B2.4%15+103%
PNC Bank$1.8B2.0%25-28%
Tri City National Bank$1.6B1.9%27+14%
Wells Fargo Bank$1.6B1.9%13-58%
North Shore Bank$1.6B1.8%30+9%
WaterStone Bank, SSB$1.4B1.6%16+19%
Old National Bank$1.4B1.6%7+6%
Waukesha State Bank$1.3B1.4%15+27%
Citizens Bank$942M1.1%11+23%
Horicon Bank$887M1.0%12+60%
The Port Washington State Bank$853M1.0%8+34%
Westbury Bank$725M0.8%9-8%
The Huntington National Bank$697M0.8%11-2%
Ixonia Bank$574M0.7%7+44%
Great Midwest Bank, S.S.B.$563M0.6%6+7%
First-Citizens Bank & Trust Company$532M0.6%7-7%
CIBC Bank USA$521M0.6%1+43%
Community State Bank$474M0.5%5+25%
First Business Bank$467M0.5%1+51%
PremierBank$427M0.5%8+27%
PyraMax Bank, FSB$420M0.5%6+15%
The Greenwood's State Bank$372M0.4%5+66%
National Exchange Bank and Trust$366M0.4%7+7%
First Citizens State Bank$362M0.4%6+34%
Forte Bank$341M0.4%4+46%
The First National Bank and Trust Company$334M0.4%5+15%
Bank of Lake Mills$326M0.4%2+61%
Spring Bank$317M0.4%1+17%
The Equitable Bank, S.S.B.$291M0.3%6+8%
State Bank of Newburg$238M0.3%2+56%
Bank First$213M0.2%2+16%
First Federal Bank of Wisconsin$204M0.2%7+1%
CIBM Bank$158M0.2%2+45%
American Bank of Beaver Dam$149M0.2%3+23%
State Bank of Reeseville$124M0.1%3+74%
Badger Bank$118M0.1%3+39%
Peoples State Bank$117M0.1%3+893%
The Northern Trust Company$115M0.1%1-11%
Farmers & Merchants State Bank$104M0.1%2+20%
Fox Valley Savings Bank$69M0.1%1+10%
Mayville Savings Bank$66M0.1%1+7%
UMB Bank$65M0.1%1no 2020 presence
Byline Bank$62M0.1%1-44%
Collins State Bank$60M0.1%2no 2020 presence
Hustisford State Bank$56M0.1%1+21%
Ergo Bank$51M0.1%2+38%
Northwestern Mutual Wealth Management$50M0.1%10%
State Bank of the Lakes$47M0.1%1+46%
State Bank of Chilton$42M0.0%1+181%
Marathon Bank$28M0.0%2+113%
Columbia Savings and Loan Association$22M0.0%10%
Farmers and Merchants Union Bank$20M0.0%1+78%
Alerus Financial$13M0.0%1no 2020 presence

The 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. 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 market that year. Deposit figures are nominal and are not adjusted for inflation.

Counties in this market

CountyStateGDP PopulationShare of Market GDP Share of Market Deposits
Milwaukee CountyWisconsin$62.7B924,21648.3%59.5%
Waukesha CountyWisconsin$32.9B417,21025.4%20.6%
Racine CountyWisconsin$9.1B198,9197.0%5.3%
Washington CountyWisconsin$7.0B139,2385.4%4.2%
Ozaukee CountyWisconsin$5.5B94,3464.3%3.7%
Walworth CountyWisconsin$4.9B106,1273.7%2.7%
Dodge CountyWisconsin$3.8B89,0972.9%1.7%
Jefferson CountyWisconsin$3.8B86,5052.9%2.2%

Recruiting in the Milwaukee-Racine-Waukesha market

Deposits are moderately concentrated here, held by a mix of institutions rather than dominated by one. 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.

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Other markets in Wisconsin

All 293 markets and the 1,523 counties with a branch within a CSA or MSA are covered in the Market Intelligence resource. See the methodology for how each figure is built and when to expect updates, or the disclaimer for how this data should, and should not, be read.