Wisconsin-headquartered Associated Bank topped a Federal Deposit Insurance Corp. report as the county go-to financial institution to squirrel away money as of June 2018.
Deposits between five Associated Bank branches in the county totaled $297 million, which was 13.87 percent of the market. Wells Fargo came in a close second with $292 million in deposits between the county’s two branches, 13.61 percent of the market, according to the FDIC.
The dollar amount in deposits entrusted to Associated Bank increased 3.17 percent from 2017 to 2018. Overall, there was a 17 percent decrease in deposits during the past two years in La Crosse County.
Deposits in U.S. Bank accounts in La Crosse County dropped from $495 million to $128 million, a decrease of about 75 percent.
Tim Kolek, La Crosse market president for U.S. Bank, said a significant drop in reported bank deposits isn’t uncommon because the bank works with customers to move investments into alternative options not reflected in FDIC ratings. Kolek said that can provide provide better financial positioning for the account holder in an effort to maximize the rate of return. Account holders also may be investing in area business ventures, Kolek said.
“The change in FDIC deposits, without movement to another institution, would also be reflective of business customers reinvesting in their businesses given the strength of our local economy,” Kolek said in a statement.
The decrease in deposits at U.S. Bank accounts for nearly 82 percent of the total decrease in deposits across the county from 2017 to 2018.
La Crosse County bank deposits
|Bank||Number offices in county||Deposits||Market share percent|
|State Bank Financial||3||$204,132,000||9.51|
|Citizens State Bank of La Crosse||2||$166,122,000||7.74|
|First National Bank of Bangor||5||$158,413,000||7.38|
|BMO Harris Bank||3||$121,574,000||5.66|
|Union State Bank of West Salem||2||$68,237,000||3.18|
|Bank of Galesville||1||$12,665,000||0.59|