Michigan has only 365 banks, the fewest of
any of the five states making up the Seventh
Federal Reserve District. Even Wisconsin,
with deposits totaling only about half the $36
billion in Michigan, has well over 600 banks.
Illinois, with practically no branching, has
considerably more than 1,200 banks. In
Michigan, where deposits total only a little
over half the deposits in Illinois, there are
roughly 1,600 branches.