South Bend-Elkhart-Mishawaka, IN-MI, a Combined Statistical Area, holds $16.6 billion in deposits across 25 insured institutions and 197 branches, and ranks #73 of 293 U.S. markets by economic output. 1st Source Bank is the largest deposit holder at 30.2% share. The top three banks hold 61% of deposits, which places the market in the Concentrated band. Deposits have grown 9.1% since 2021 while the branch count fell by 7.5%.
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
Branches: 213 in 2021 to 197 in 2026. Institutions: 25 to 25. Top-three share: 61% to 61%. Average deposits per branch: $84M.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| 1st Source Bank | $5.0B | 30.2% | +17% |
| Lake City Bank | $3.3B | 19.7% | +9% |
| JPMorgan Chase Bank | $1.9B | 11.4% | -4% |
| Fifth Third Bank | $1.1B | 6.8% | -3% |
| PNC Bank | $706M | 4.3% | +5% |
| KeyBank | $689M | 4.2% | -10% |
| First State Bank of Middlebury | $651M | 3.9% | +14% |
| The Huntington National Bank | $501M | 3.0% | -2% |
| Centier Bank | $429M | 2.6% | +186% |
| Horizon Bank | $385M | 2.3% | -10% |
| Old National Bank | $382M | 2.3% | +8% |
| Northwest Bank | $379M | 2.3% | -26% |
| Sturgis Bank & Trust Company | $267M | 1.6% | +724% |
| First Federal Savings Bank | $217M | 1.3% | +4% |
| Flagstar Bank | $187M | 1.1% | +24% |
| G. W. Jones Exchange Bank | $111M | 0.7% | +15% |
| Crossroads Bank | $82M | 0.5% | +52% |
| First Merchants Bank | $70M | 0.4% | +32% |
| First Farmers Bank & Trust Co. | $69M | 0.4% | +24% |
| The First National Bank of Monterey | $45M | 0.3% | -15% |
| First Federal Savings Bank | $39M | 0.2% | +113% |
| The Campbell & Fetter Bank | $23M | 0.1% | -10% |
| Farmers State Bank | $20M | 0.1% | +6% |
| Woodforest National Bank | $12M | 0.1% | -14% |
| Everence Trust Company | $0M | <0.1% | 0% |
The 25 insured institutions with a branch presence in this market, per the FDIC Summary of Deposits, June 30, 2026. Five-year change compares the same institution’s deposits in 2021 and 2026. 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 2021 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
| County | State | GDP | Population | Share of Market GDP | |
|---|---|---|---|---|---|
| Elkhart County | Indiana | $17.8B | 208,774 | 35.5% | 29.2% |
| St. Joseph County | Indiana | $15.4B | 272,861 | 30.7% | 34.9% |
| Berrien County | Michigan | $7.4B | 152,444 | 14.7% | 13.5% |
| Kosciusko County | Indiana | $6.3B | 80,892 | 12.5% | 13.5% |
| Marshall County | Indiana | $1.8B | 46,599 | 3.6% | 6.5% |
| Cass County | Michigan | $1.4B | 51,677 | 2.9% | 2.4% |
Recruiting in the South Bend-Elkhart-Mishawaka market
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 this one.
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