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Michigan: Banks’ Economic Impact

Banks support Michigan’s economy with consumer, business and other loans, and by providing more than 44,000 people with a rewarding place to work.

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Jobs

Jobs

  • 44,623Employees

  • $3.8 BTotal Annual Compensation & Benefits

  • $84,642Average Total Compensation & Benefits

  • 91Banks Headquartered in State

Two bankers: one holding up disinfectant wipes, one holding a sign that says, "We (Heart) Our Customers"

Open for Business

Two bankers: one holding up disinfectant wipes, one holding a sign that says, "We (Heart) Our Customers"

Grand River Bank employees Kimberly VandenBerg and Carley Jean continued to work during the COVID-19 pandemic—ensuring customers in Michigan could safely and soundly conduct in-person business.

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Source: Estimates based on ABA 2019/2020 survey data

Lending

Lending

  • $6.9 BSmall Business Loans Outstanding

  • $18.4 BNew Home Loans Booked in 2018

  • 102,436Number of New Home Loans in 2018

  • $115,000Median New Home Loan Size in 2018

  • $1.8 BSmall Farm Loans Outstanding

Source: Estimates based on ABA 2019/2020 survey data, HMDA

Customers

Customers

  • 9.5 MTotal Customers

  • $227.3 BDeposits

  • 8.8 MConsumer

  • 1.7 MSmall Business

  • 11.5 KSmall Farm

  • 118Banks Operating Branches

  • 2,426Branches & Offices

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: Estimates based on ABA 2019/2020 survey data, FDIC branch deposit data

Giving Back

Giving Back

  • 309.6 KVolunteer hours

  • $67.8 MCommunity Donations

Kickstart program

Using Education to Fight Long-Term Poverty

Kickstart program

ChoiceOne Bank in Michigan received the 2019 Financial Literacy award from the Michigan Bankers Association for its commitment to its KickStart to Career education program. The goal “is to interrupt generational poverty, to bank the unbanked and allow a platform for children to begin dreaming of a brighter future,” said Patricia Brown, ChoiceOne Bank’s vice president. The bank created a curriculum that is tailored and relevant to each grade, and encourages parental participation.

More stories on Giving Back #

Source: Estimates based on ABA 2019/2020 survey data. Does not include individual employee donations.

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