America's Banks
Jump to Content

Michigan: Banks’ Economic Impact

Banks support Michigan's economy with consumer, business and other loans, and by providing more than 47,000 people with a rewarding place to work.

Find State-by-State Data #
Michigan map icon
Jobs

Jobs

  • 47,116Employees

  • $5.1 BTotal Annual Compensation & Benefits

  • $108,254Average Total Compensation & Benefits

  • 77Banks Headquartered in State

Source: FDIC Call Report 2023Q4, Bureau of Labor Statistics 2023, ABA analysis

Lending

Lending

  • $19.4 BNew Home Loans Booked in 2023

  • 77,402Number of New Home Loans in 2023

  • $215,000Median New Home Loan Size in 2023

  • $16.7 BSmall Business Loans

  • 567.8 KNumber of Small Business Loans

  • $29,439Average Small Business Loan

  • $1.7 BSmall Farm Loans

  • 20,542Number of Small Farm Loans

  • $81,156Average Small Farm Loan

Source: FFIEC HMDA 2023, FFIEC CRA 2023, FDIC Call Report 2023Q4, ABA analysis

Customers

Customers

  • $293 BDeposits

  • 103Banks Operating Branches

  • 2,148Branches & Offices

  • 1,081Branches Offering Low Fee Bank On-certified Accounts

Protecting Vulnerable Seniors from Fraud

Dart Bank in Michigan has made a strong commitment to educate seniors about financial fraud, focusing on helping protect personal digital information and other common targets.

Source: FDIC Summary of Deposits 2023Q4, CFE Fund, ABA analysis

Submit your bank's story

Submit your story