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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.

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Jobs

Jobs

  • 47,611Employees

  • $5.2 BillionTotal Annual Compensation & Benefits

  • $109,034Average Total Compensation & Benefits

  • 74Banks Headquartered in State

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 Call Report 2024Q4, Bureau of Labor Statistics 2024, ABA analysis

Lending

Lending

  • $20.3 BillionNew Home Loans Booked in 2024

  • 75,847Number of New Home Loans in 2024

  • $235,000Median New Home Loan Size in 2024

  • $16.7 BillionSmall Business Loans

  • 568.8 ThousandNumber of Small Business Loans

  • $29,432Average Small Business Loan

  • $1.7 BillionSmall Farm Loans

  • 21,049Number of Small Farm Loans

  • $80,414Average Small Farm Loan

Source: FFIEC HMDA 2024, FFIEC CRA 2023, FDIC Call Report 2024Q4, ABA analysis

Customers

Customers

  • $311 BillionDeposits

  • 101Banks Operating Branches

  • 2,115Branches & Offices

  • 982Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2024Q2, CFE Fund, ABA analysis

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