South Bend-Elkhart-Mishawaka, IN-MI holds $16.4 billion in deposits across 25 insured institutions and 197 branches, ranking #73 of 293 U.S. markets by economic output. 1st Source Bank is the largest deposit holder at 31.4% share. The top three institutions hold 62.0% of deposits, which places the market in the concentrated band. Deposits have grown 15% since 2020 while the branch count fell by 34.
Deposit trend
Branches: 231 in 2020 to 197 in 2025. Institutions: 26 to 25. Top-three share: 56.8% to 62.0%. Deposits per branch: $83M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| 1st Source Bank | 5.2B | 31.4% | +26% |
| Lake City Bank | 3.2B | 19.8% | +34% |
| JPMorgan Chase Bank | 1.8B | 10.9% | +14% |
| Fifth Third Bank | 1.2B | 7.1% | +9% |
| First State Bank of Middlebury | 0.7B | 4.1% | +30% |
| KeyBank | 0.7B | 4.0% | -35% |
| PNC Bank | 0.6B | 3.6% | -4% |
| The Huntington National Bank | 0.5B | 3.0% | +806% |
| Horizon Bank | 0.4B | 2.5% | +10% |
| Old National Bank | 0.4B | 2.5% | +33% |
The 10 largest of 25 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 |
|---|---|---|---|---|
| Elkhart County | Indiana | $17,756M | 208,774 | 35.5% |
| St. Joseph County | Indiana | $15,367M | 272,861 | 30.7% |
| Berrien County | Michigan | $7,356M | 152,444 | 14.7% |
| Kosciusko County | Indiana | $6,266M | 80,892 | 12.5% |
| Marshall County | Indiana | $1,787M | 46,599 | 3.6% |
| Cass County | Michigan | $1,448M | 51,677 | 2.9% |
Recruiting in South Bend
Deposits are held closely by the largest institutions, which often means the bankers worth recruiting are inside a small number of houses. 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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