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Michigan: Banks’ Economic Impact

Banks support Michigan's economy with consumer, business and other loans, and by providing more than 59,000 people with a rewarding place to work.

Find State-by-State Data #
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  • 59,246Employees

  • $5.9 BTotal Annual Compensation & Benefits

  • $99,150Average Total Compensation & Benefits

  • 84 Banks 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.

More stories on Jobs #

Source: FDIC branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis



  • $29.6 BNew Home Loans Booked in 2021

  • 131,320Number of New Home Loans in 2021

  • $165,000Median New Home Loan Size in 2021

  • $12.1 BSmall Business Loans

  • 717.5 KNumber of Small Business Loans

  • $16,794Average Small Business Loan

  • $1.5 BSmall Farm Loans

  • 25,478Number of Small Farm Loans

  • $53,783Average Small Farm Loan

An "open" sign at Zingerman's Deli

Level One Bank Supports Local Businesses with PPP Lending

An "open" sign at Zingerman's Deli

Level One Bank, a local community bank in Mich., helped over 2,000 small businesses gain access to more than $400 million in PPP loans—ultimately supporting the jobs of over 30,000 employees in Mich. In the second round of PPP loans, Level One Bank assisted small businesses by opening up their applicant pool to non-clients as well as their own customers.

More stories on Lending #

Source: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis



  • 5.8 MCustomers

  • $312.2 BDeposits

  • 109Banks Operating Branches

  • 2,239Branches & Offices

  • 797Branches 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.

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 246.6 KVolunteer Hours

  • $83.6 MCommunity Donations

Michigan Teen Takes Third in Video Contest

Sarah Moraw, a 17-year-old student at West Ottawa High School in Holland, Mich., earned third place in the American Bankers Association Foundation’s Lights, Camera, Save! teen video contest.

Source: Estimates based on ABA 2020/2021 survey data

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