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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.

Find State-by-State Data #
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  • 49,329Employees

  • $4.9 BTotal Annual Compensation & Benefits

  • $99,617Average Total Compensation & Benefits

  • 79Banks 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 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

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: 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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