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Michigan: Banks’ Economic Impact

Banks support Michigan’s economy with consumer, business and other loans, and by providing more than 37,000 people with a rewarding place to work.

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Jobs

Jobs

  • 37,679Employees

  • $3.7 BTotal Annual Compensation & Benefits

  • $99,124Average Total Compensation & Benefits

  • 88Banks 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: FDIC branch deposit data (2020), estimates based on ABA 2020/2021 survey data

Lending

Lending

  • $30.8 BNew Home Loans Booked in 2020

  • 140,593Number of New Home Loans in 2020

  • $165,000Median New Home Loan Size in 2020

  • $15 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 108,584PPP Loans

  • $35,200Median PPP Loan

  • 1.8 MJobs Supported by PPP

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.

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Source: Estimates based on ABA 2020/2021 survey data, HMDA, SBA PPP Loans

Customers

Customers

  • 9.4 MCustomers

  • $284 BDeposits

  • 114Banks Operating Branches

  • 2,378Branches & Offices

  • 967Branches 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: Estimates based on ABA 2020/2021 survey data, FDIC branch deposit data, CFE Fund and S&P Global Market Intelligence

Giving Back

Giving Back

  • 246.6 KVolunteer Hours

  • $83.6 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.

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Source: Estimates based on ABA 2020/2021 survey data

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