Traverse City, MI, a Metropolitan Statistical Area, holds $4.8 billion in deposits across 13 insured institutions and 44 branches, and ranks #219 of 293 U.S. markets by economic output. The Huntington National Bank is the largest deposit holder at 39.5% share. The top three banks hold 65% of deposits, which places the market in the Concentrated band.
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: 47 in 2021 to 44 in 2026. Institutions: 11 to 13. Top-three share: 72% to 65%. Average deposits per branch: $109M.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| The Huntington National Bank | $1.9B | 39.5% | +2% |
| Fifth Third Bank | $706M | 14.8% | -15% |
| JPMorgan Chase Bank | $534M | 11.2% | -16% |
| Independent Bank | $435M | 9.1% | +60% |
| State Savings Bank | $339M | 7.1% | +23% |
| Honor Bank | $289M | 6.0% | +27% |
| First National Bank of America | $220M | 4.6% | +4% |
| PNC Bank | $117M | 2.5% | -14% |
| West Shore Bank | $113M | 2.4% | +80% |
| First Community Bank | $63M | 1.3% | +11% |
| Nicolet National Bank | $58M | 1.2% | +20% |
| Mercantile Bank | $18M | 0.4% | no 2021 presence |
| First State Bank of Michigan | <$1M | <0.1% | no 2021 presence |
The 13 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 | |
|---|---|---|---|---|---|
| Grand Traverse County | Michigan | $5.9B | 96,729 | 73.7% | 80.4% |
| Leelanau County | Michigan | $871M | 22,982 | 11.0% | 8.9% |
| Kalkaska County | Michigan | $649M | 18,693 | 8.2% | 2.2% |
| Benzie County | Michigan | $565M | 18,568 | 7.1% | 8.5% |
Recruiting in the Traverse City 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.
See how we help banks recruit commercial banking talent