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Centier, Chase, Horizon remain top banks in Region by market share

Centier Bank's Whiting branch is shown. The bank remains No. 1 in Northwest by market share.

Centier Bank remains at the top in Northwest Indiana in terms of market share, after first supplanting Chase Bank in 2017.

The Federal Deposit Insurance Corp. Summary of Deposits shows that Merrillville-based Centier, which started out as The Bank of Whiting in 1895 and has since grown into the largest privately owned bank in Indiana, has 20.73% of the market share in Lake, Porter and LaPorte counties. Centier has 41 branches in Northwest Indiana and $2.94 billion in deposits.

Second-place Chase has 19.53% of the overall market share in Northwest Indiana with $2.74 billion in deposits in Lake, LaPorte and Porter counties. Chase immediately became the top bank in Northwest Indiana when it bought Bank One in 2005, giving it 34 branches in the market. But it has since been closing branches across the Calumet Region and will be left with just 27 locally when it shutters its location in Kouts in October.

Michigan City-based Horizon Bank ranks third with 9.84% of the market share, according to the FDIC. The publicly traded bank, which dates back to the Civil War era, has 19 branches and $1.39 billion in deposits in Lake, Porter and LaPorte counties.

Chicago-based First Midwest Bank is fourth in the Region with 18 branches, $1 billion in market share and 7.53% in market share. Cincinnati-based Fifth Third Bank is fifth with 19 branches, $936 million in deposits and 6.59% in market share.

South Bend-based 1st Source Bank is sixth in Northwest Indiana with 6.23% market share and $885 million in deposits, Muncie-based First Merchants seventh with 5.71% market share and $811 million in deposits, and Munster-based Peoples Bank eighth with 5.66% market share and $803 million in deposits.

Rounding out the top 10 are Cincinnati-based First Financial Bank with 5.50% market share and $780 million in deposits and Chicago-based BMO Harris Bank with 4.41% market share and $627 million in deposits

The top 20 also includes Pittsburgh's PNC Bank with $354 million in deposits, Munster-based American Community Bank of Indiana with $181 million in deposits, South Holland-based Providence Bank & Trust with $174 million in deposits, First State Bank of Porter with $121 million in deposits, First Savings Bank of Hegewisch with $104 million in deposits, DeMotte State Bank with $89 million in deposits, San Francisco-based Wells Fargo Bank with $79 million in deposits, Wintrust's Old Plank Trail Community Bank with $55 million in deposits, and Chicago-based MB Financial Bank with $8.3 million in deposits. Texas-based Woodforest National Bank, which operates out of Walmart stores, ranks 20th in market share in the Region with $6.8 million in deposits.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.