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Michigan: Banks’ Economic Impact

Banks support Michigan’s economy with consumer, business and other loans, and by providing more than 49,000 people with a rewarding place to work.

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  • 49,329Employees

  • $4.9 BTotal Annual Compensation & Benefits

  • $99,617Average Total Compensation & Benefits

  • 79Banks Headquartered in State

Source: FDIC Call Report 2022Q4, Bureau of Labor Statistics 2022, ABA analysis



  • $23.5 BNew Home Loans Booked in 2022

  • 95,481Number of New Home Loans in 2022

  • $215,000Median New Home Loan Size in 2022

  • $17.8 BSmall Business Loans

  • 579.1 KNumber of Small Business Loans

  • $30,697Average Small Business Loan

  • $1.6 BSmall Farm Loans

  • 20,516Number of Small Farm Loans

  • $80,127Average Small Farm Loan

Source: FFIEC HMDA 2022, FFIEC CRA 2021, FDIC Call Report 2022Q4, ABA analysis



  • $314 BDeposits

  • 103Banks Operating Branches

  • 2,052Branches & Offices

  • 1,011Branches 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 2022Q2, CFE Fund, ABA analysis

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