Carlton County, Minnesota, a county in the Duluth-Grand Rapids, MN-WI market, holds $453M in deposits across 8 insured institutions and 10 branches. The First National Bank of Moose Lake is the largest deposit holder at 24.8% share. The top three institutions hold 62.5% of deposits, which places the county in the concentrated band. Deposits have grown 15.7% since 2020. It produces $1.4B of output, ranking #1,065 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 10 in 2020 to 10 in 2025. Institutions: 8 to 8. Top-three share: 66.8% to 62.5%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| The First National Bank of Moose Lake | $112M | 24.8% | -2% |
| Wells Fargo Bank, National Association | $92M | 20.2% | +12% |
| Frandsen Bank & Trust | $80M | 17.6% | +23% |
| U.S. Bank National Association | $67M | 14.7% | +17% |
| Northview Bank | $42M | 9.3% | +29% |
| National Bank of Commerce | $26M | 5.7% | +69% |
| Cornerstone State Bank | $20M | 4.5% | +34% |
| Woodlands National Bank | $14M | 3.2% | +49% |
The 8 insured institutions with a branch presence in this county, as of June 30, 2025. Five-year change compares the same institution’s county deposits in 2020 and 2025. Institutions are tracked by FDIC certificate number, and where an institution acquired another bank, the acquired bank’s prior deposits are folded into the baseline so the change reflects the combined, continuing franchise rather than reading as new. Even so, a large gain can reflect acquisition rather than competitive growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Duluth-Grand Rapids market
Carlton County is one of 4 counties that make up the Duluth-Grand Rapids, MN-WI market, a Combined Statistical Area (ranked #153 of 293 U.S. markets by economic output). It produces 9.1% of the market’s output and holds 6.3% of its deposits.
| Measure | Carlton County | Share of Duluth-Grand Rapids market |
|---|---|---|
| 2024 GDP | $1.4B | 9.1% |
| Deposits | $453M | 6.3% |
| Population | 36,711 | 11.2% |
View the full Duluth-Grand Rapids market profile →
Recruiting in Carlton County
Deposits are held closely by the largest banks, which often means the bankers worth recruiting are inside a small number of institutions. Who holds the deposits, and how contested the market is, shapes both the runway for growth and the competition you would be recruiting against. We recruit commercial relationship managers, banking teams, and market leaders for banks building in markets like Carlton County, on a retained basis.
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