SOLVED---.....

This is about the best sophomore gig you could get, even not being in NY. From your post I'm pretty sure I can guess the firm and city, if I am right it's a great group and location.

Keep in touch with your contacts towards junior summer, but would not try to wiggle out into a new group for sophomore year, you risk seeming uninterested in the job and with a big name already, not worth trying to move to NY, too much downside. You're also underestimating your school, if you're at UMich that's a top target, UT is a solid semi-target, no idea on Notre Dame but good school as well. If you have OCR or apply early, you will be recruiting before your sophomore year ends, so you need to consider if you want to stay at this bank next year too.