Traverse City, MI holds $4.6 billion in deposits across 12 insured institutions and 43 branches, ranking #219 of 293 U.S. markets by economic output. The Huntington National Bank is the largest deposit holder at 37.3% share. The top three institutions hold 64.7% of deposits, which places the market in the concentrated band. Deposits have grown 18% since 2020 while the branch count fell by 10.
Deposit trend
Branches: 53 in 2020 to 43 in 2025. Institutions: 12 to 12. Top-three share: 57.5% to 64.7%. Deposits per branch: $106M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| The Huntington National Bank | 1.7B | 37.3% | +166% |
| Fifth Third Bank | 0.7B | 15.5% | -22% |
| JPMorgan Chase Bank | 0.5B | 11.9% | +0% |
| Independent Bank | 0.4B | 8.2% | +54% |
| State Savings Bank | 0.3B | 7.1% | +53% |
| First National Bank of America | 0.3B | 6.1% | +33% |
| Honor Bank | 0.3B | 6.0% | +54% |
| PNC Bank | 0.1B | 2.5% | -12% |
| West Shore Bank | 0.1B | 2.4% | +152% |
| First Community Bank | 0.1B | 1.4% | +27% |
The 10 largest of 12 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 |
|---|---|---|---|---|
| Grand Traverse County | Michigan | $5,853M | 96,729 | 73.7% |
| Leelanau County | Michigan | $871M | 22,982 | 11.0% |
| Kalkaska County | Michigan | $649M | 18,693 | 8.2% |
| Benzie County | Michigan | $564M | 18,568 | 7.1% |
Recruiting in Traverse City
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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