Pure Great Lakes Stocks, Part 1

Part 1: Regional Banks.

If you are a water sector investor, you will be interested in companies that enjoy the economic advantages of abundant freshwater resources, and the general prosperity that derives (or should we say flows) therefrom.

A “pure Great Lakes stock” is a public company that has headquarters in the Great Lakes Basin and whose operations and market are primarily regional. If you look for pure Great Lakes investments, you’ll find two kinds of businesses predominantly: energy and community banks. In this article, we’ll list all the Great Lakes regional community banks with market caps of $200 million or more as of 10/24/25.

MICHIGAN

ChoiceOne Financial Services, Inc. (Nasdaq:COFS)

Company website www.choiceone.bank

Yahoo Finance chart https://finance.yahoo.com/quote/COFS/

Market cap = $459 million

HQ Sparta, MI

Summary: Holding company for ChoiceOne Bank; with 56 branch offices in west, central, and southeast Michigan.

Isabella Bank Corporation (Nasdaq:ISBA)

Company website https://www.isabellabank.com/

Yahoo Finance chart https://finance.yahoo.com/quote/ISBA/

Market cap= $264 million

HQ Mt. Pleasant, MI

Summary: Holding company for Isabella Bank; provides banking and wealth management services to business, institutions, individuals, families in eight Michigan counties.

N. OHIO

Farmers National Banc Corp. (Nasdaq:FMNB)

Company website https://farmersbankgroup.com/

Yahoo Finance chart https://finance.yahoo.com/quote/FMNB/

Market cap = $512 million

HQ Canfield, OH

Summary: Holding company for The Farmers National Bank of Canfield (east of Akron).

Farmers & Merchants Bancorp, Inc. (Nasdaq:FMAO)

Company website https://www.fm.bank/

Yahoo Finance chart https://finance.yahoo.com/quote/FMAO/

Market cap = $337 million

HQ Archbold, OH

Summary: Holding company for the Farmers & Merchants State Bank, with offices in northwest OH, southeast MI, and northeast IN.

E. WISCONSIN

Associated Banc-Corp. (NYSE:ASB)

Company website https://www.associatedbank.com/

Yahoo Finance chart https://finance.yahoo.com/quote/ASB/

Market cap = $4.24 billion

HQ Green Bay, WI

Summary: Holding company for Associated Bank, N.A.; provides banking products & services to individuals and businesses in WI, IL, MO, and MN.

Nicolet Bankshares, Inc. (NYSE:NIC)

Company website https://www.nicoletbank.com/

Yahoo Finance chart https://finance.yahoo.com/quote/NIC/

Market cap = $1.85 billion, WI

HQ Green Bay, WI

Summary: Holding company for Nicolet National Bank; branches in WI and MI.

Bank First Corporation (Nasdaq:BFC)

Company website https://bankfirst.com/

Yahoo Finance chart https://finance.yahoo.com/quote/BFC/

Market cap = $1.3 billion (before merger, see note below)

HQ Manitowoc, WI

Summary: Holding company for Bank First N.A., with 26 banking locations in WI.

NOTE: Merger with First National Bank and Trust Company (Beloit, WI) announced 7/18/25. FNBTC serves southern WI and northern IL.

Waterstone Financial, Inc. (Nasdaq:WSBF)

Company website https://www.wsbonline.com/

Yahoo Finance chart https://finance.yahoo.com/quote/WSBF/

Market cap = $286 million

HQ Wauwatosa, WI

Summary: Loan holding company for Waterstone Bank, with 14 branches in southeast WI.

N.W. PENNSYLVANIA

First Commonwealth Financial Corporation (Nasdaq:FCF)

Company website https://www.fcbanking.com/

Yahoo Finance chart https://finance.yahoo.com/quote/FCF/

Market cap = $1.72 billion

HQ Indiana, PA

Summary: Holding company for First Commonwealth Bank; financial services primarily in western and central PA and throughout OH.

S&T Bancorp (Nasdaq:STBA)

Company website https://www.stbank.com/personal/

Yahoo Finance chart https://finance.yahoo.com/quote/STBA/

Market cap = $1.4 billion

HQ Indiana, PA

Summary: Holding company for S&T Bank: retail & commercial banking in PA and OH.

Citizens and Northern Corporation (Nasdaq:CZNC)

Company website https://www.cnbankpa.com/

Yahoo Finance chart https://finance.yahoo.com/quote/CZNC/

Market cap = $346 million

HQ Wellsboro, PA

Summary: Holding company for Citizens and Northern Bank, with 28 branches in PA and southern NY.

MINNESOTA

Bridgewater Bancshares, Inc. (Nasdaq:BWB)

Company website https://bridgewaterbankmn.com/

Yahoo Finance chart https://finance.yahoo.com/quote/BWB/

Market cap = $481 million

HQ Apple Valley, MN

Summary: Holding company for Bridgewater Bank; commercial banking with branches in nine MN cities (including Minneapolis, St. Paul).

N. INDIANA

First Merchants Corp (Nasdaq:FRME)

Company website https://www.firstmerchants.com/

Yahoo Finance chart https://finance.yahoo.com/quote/FRME/

Market cap = $2.13 billion

HQ Muncie, IN

Summary: Holding company for First Merchants Bank, with 110 bank locations in IN, OH, and MI.

Lakeland Financial Corp (Nasdaq:LKFN)

Company website https://investors.lakecitybank.com/

Yahoo Finance chart https://finance.yahoo.com/quote/LKFN/

Market cap = $1.58 billion

HQ Warsaw, IN

Summary: Holding company for Lake City Bank, with 54 branch offices in northern and central IN.

Merchants Bancorp (Nasdaq:MBIN)

Company website https://bankmerchants.com/

Yahoo Finance chart https://finance.yahoo.com/quote/MBIN/

Market cap = $1.5 billion

HQ Carmel, IN

Summary: Holding company for Merchants Bank of Indiana , with seven depository branches in Carmel, Indianapolis, Lynn, Spartanburg, and Richmond.

Horizon Bancorp, Inc. (Nasdaq:HBNC)

Company website https://www.horizonbank.com/

Yahoo Finance chart https://finance.yahoo.com/quote/HBNC/

Market cap = $846 million

HQ Michigan City, IN

Summary: Holding company for Horizon Bank, with 71 branches in IN, MI.

W. NEW YORK

Financial Institutions, Inc. (Nasdaq:FISI)

Company website https://financialinstitutionsinc.q4ir.com/

Yahoo Finance chart https://finance.yahoo.com/quote/FISI/

Market cap = $582 million

HQ Warsaw, NY

Summary: Banking and wealth management services in western & central NY, plus one commercial loan office in Baltimore/DC region.