South Bend-Elkhart-Mishawaka, IN-MI, a Combined Statistical Area, 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 15.5% since 2020 while the branch count fell by 14.7%.
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: 231 in 2020 to 197 in 2025. Institutions: 26 to 25. Top-three share: 56.8% to 62.0%. Deposits per branch: $83M.
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% | -43% |
| Horizon Bank | $0.4B | 2.5% | +10% |
| Old National Bank | $0.4B | 2.5% | +33% |
| Centier Bank | $379M | 2.3% | +209% |
| Northwest Bank | $371M | 2.3% | -15% |
| Sturgis Bank & Trust Company | $259M | 1.6% | no 2020 presence |
| First Federal Savings Bank | $206M | 1.3% | +11% |
| Flagstar Bank | $179M | 1.1% | +26% |
| G. W. Jones Exchange Bank | $98M | 0.6% | +60% |
| First Farmers Bank & Trust Co. | $80M | 0.5% | +38% |
| Crossroads Bank | $68M | 0.4% | +54% |
| First Merchants Bank | $64M | 0.4% | +32% |
| The First National Bank of Monterey | $47M | 0.3% | -9% |
| First Federal Savings Bank | $37M | 0.2% | +146% |
| The Campbell & Fetter Bank | $23M | 0.1% | +10% |
| Farmers State Bank | $18M | 0.1% | +36% |
| Woodforest National Bank | $12M | 0.1% | +12% |
| Everence Trust Company | $0M | 0.0% | 0% |
The 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. 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
| County | State | GDP | Population | Share of Market GDP | |
|---|---|---|---|---|---|
| Elkhart County | Indiana | $17.8B | 208,774 | 35.5% | 28.1% |
| St. Joseph County | Indiana | $15.4B | 272,861 | 30.7% | 35.4% |
| Berrien County | Michigan | $7.4B | 152,444 | 14.7% | 13.7% |
| Kosciusko County | Indiana | $6.3B | 80,892 | 12.5% | 13.9% |
| Marshall County | Indiana | $1.8B | 46,599 | 3.6% | 6.6% |
| Cass County | Michigan | $1.4B | 51,677 | 2.9% | 2.3% |
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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