Clay County, Iowa, a core county of the Spencer-Spirit Lake, IA market, holds $1.1B in deposits across 7 insured institutions and 11 branches. Farmers Trust and Savings Bank is the largest deposit holder at 45.4% share. The top three institutions hold 81.9% of deposits, which places the county in the concentrated band. Deposits have grown 18.4% since 2020. It produces $1.2B of output, ranking #1,144 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 11 in 2020 to 11 in 2025. Institutions: 7 to 7. Top-three share: 81.5% to 81.9%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Farmers Trust and Savings Bank | $521M | 45.4% | +23% |
| Northwest Bank | $277M | 24.1% | +9% |
| Community State Bank | $142M | 12.4% | +27% |
| State Bank | $68M | 6.0% | +1% |
| Farmers Savings Bank | $54M | 4.7% | +21% |
| Home State Bank | $44M | 3.9% | +51% |
| U.S. Bank National Association | $41M | 3.6% | +9% |
The 7 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 Spencer-Spirit Lake market
Clay County is one of 2 counties that make up the Spencer-Spirit Lake, IA market, a Combined Statistical Area (ranked #290 of 293 U.S. markets by economic output). It produces 50.0% of the market’s output and holds 47.1% of its deposits.
| Measure | Clay County | Share of Spencer-Spirit Lake market |
|---|---|---|
| 2024 GDP | $1.2B | 50.0% |
| Deposits | $1.1B | 47.1% |
| Population | 16,202 | 47.3% |
See the Spencer-Spirit Lake market in Market Intelligence →
Recruiting in Clay 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 Clay County, on a retained basis.
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