These 4 Banks Rule Michigan

By Jay Jenkins – Oct 13, 2013 at 6:00PM

NYSE: BAC

Bank of America

Market Cap

$297B

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(1.70%) $0.64

Current Price

$38.37

Price as of April 23, 2024, 4:00 p.m. ET

According to the FDIC, these financial institutions rule the market from Detroit to Lansing.

The Financial Crisis and Great Recession were particularly tough on Michigan. Beyond the devastation the entire nation felt in real estate and the financial system, Michigan had the added torment of a nearly bankrupt auto industry and continued struggles across the entire Rust Belt.

For investors, these issues have yet to be fully resolved. The auto industry has recovered; however, it is a reshaped industry largely leaving Detroit behind.

In the video below, Motley Fool contributor Jay Jenkins runs down the four largest banks in the state by market share, including megabanks like JPMorgan Chase (JPM 1.44%) and Bank of America (BAC 1.70%) and regionals like Comerica Incorporated (CMA 0.06%) and PNC Financial Services (PNC 1.08%).

Fool contributor Jay Jenkins has no position in any stocks mentioned. The Motley Fool recommends Bank of America. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and PNC Financial Services. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.