Market Intelligence › Minneapolis-St. Paul, MN-WI › Dakota County

Dakota County, Minnesota, a core county of the Minneapolis-St. Paul, MN-WI market, holds $9.9B in deposits across 32 insured institutions and 86 branches. Wells Fargo Bank is the largest deposit holder at 25.2% share. The top three banks hold 51% of deposits, which places the county in the Moderate band. Deposits have grown 2.3% since 2021 while the branch count fell by 6.5%. It produced $29.5B of real gross domestic product in 2024, ranking #161 of the 1,523 ranked counties by economic output.

Economic scale

2024 Real GDP

$29.5B

#161 of 1,523

Population

457,710

#162 of 1,523

GDP per Capita

$64,408

#272 of 1,523

Deposit market

Deposits (SOD, 6/30/26)

$9.9B

#208 of 1,523

Deposits per Capita

$21,665

#823 of 1,523

Deposits per Branch

$115M

#443 of 1,523

Competitive structure

Insured Institutions

#80 of 1,523

Branches per 100k Pop.

18.8

#1,084 of 1,523

Median Deposits per Institution

$130M

The median deposits booked by a single institution in the county. #668 of 1,523. A lower figure means institutions typically hold smaller deposit positions here; it reflects local deposit presence, not an institution’s overall size. See Community & Regional Bank Share for institution scale.

Community & Regional Bank Share

47.7%

of county deposits held by banks with $100M to $100B in assets. #1,093 of 1,523. A higher share points to a market where small to mid-size institutions, the kind that compete on relationships and local decision-making, hold more ground.

Top-3 Banks’ Deposit Share: Moderate

51%

The combined deposit share of the top three banks by deposits in the county. A lower share means deposits are spread across more institutions.

Ranks show where the county stands among the 1,523 ranked counties (those within a Combined or Metropolitan Statistical Area that have a branch). They describe relative position, not a rating of market quality or suitability.

Deposit trend

County Deposits (SOD, 2021 to 2026)+2.3% over 5 years

$9.7B

2021

$10.6B

2022

$10.0B

2023

$10.0B

2024

$10.0B

2025

$9.9B

2026

Branches: 92 in 2021 to 86 in 2026. Institutions: 34 to 32. Top-three share: 49% to 51%.

Institutions by deposits

Institution	Deposits	Share	Branches	5‑yr deposits
Wells Fargo Bank	$2.5B	25.2%	10	-1%
U.S. Bank	$1.6B	16.1%	7	+5%
Old National Bank	$992M	10.0%	7	-20%
Vermillion State Bank	$807M	8.1%	6	+20%
The Huntington National Bank	$748M	7.5%	6	0%
Merchants Bank	$320M	3.2%	4	-8%
Associated Bank	$271M	2.7%	3	+5%
Castle Rock Bank	$250M	2.5%	3	+18%
Gateway Bank	$243M	2.5%	1	+10%
Choice Financial Group	$225M	2.3%	1	-6%
Lakeview Bank	$196M	2.0%	2	+50%
The First State Bank of Rosemount	$138M	1.4%	2	+63%
Minnwest Bank	$137M	1.4%	2	+4%
Think Mutual Bank	$136M	1.4%	2	+4%
JPMorgan Chase Bank	$132M	1.3%	5	+2,609%
Premier Bank Minnesota	$130M	1.3%	2	+42%
BMO Bank	$129M	1.3%	2	-23%
MidCountry Bank	$117M	1.2%	3	+8%
Frandsen Bank & Trust	$111M	1.1%	2	+40%
Key Community Bank	$108M	1.1%	1	+69%
Nicolet National Bank	$107M	1.1%	1	-7%
Deerwood Bank	$107M	1.1%	1	-28%
Bank of America	$82M	0.8%	3	+20%
New Market Bank	$76M	0.8%	1	-12%
Sterling State Bank	$54M	0.5%	2	-8%
Citizens Bank Minnesota	$52M	0.5%	1	-21%
Great Southern Bank	$52M	0.5%	1	-5%
First National Bank	$40M	0.4%	1	0%
Prime Security Bank	$26M	0.3%	1	+86%
Alerus Financial	$15M	0.1%	1	-66%
21st Century Bank	$13M	0.1%	1	-17%
North American Banking Company	$10M	0.1%	1	-21%

The 32 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, June 30, 2026. Five-year change compares the same institution’s county deposits in 2021 and 2026. 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. “No 2021 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year. Deposit figures are nominal and are not adjusted for inflation.

Part of the Minneapolis-St. Paul market

Dakota County is one of 21 counties that make up the Minneapolis-St. Paul, MN-WI market, a Combined Statistical Area (ranked #16 of 293 U.S. markets by economic output). It produces 9.4% of the market’s output and holds 3.7% of its deposits.

Measure	Dakota County	Share of parent market
2024 GDP	$29.5B	9.4%
Deposits	$9.9B	3.7%
Population	457,710	10.9%

View the full Minneapolis-St. Paul market profile →

Recruiting in Dakota County

Deposits are split among a moderate 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 Dakota County.

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Deposit trend

Institutions by deposits

Part of the Minneapolis-St. Paul market

Recruiting in Dakota County

Other counties in the Minneapolis-St. Paul market