Fillmore County, Minnesota, a county in the Rochester-Austin-Winona, MN market, holds $774M in deposits across 11 insured institutions and 15 branches. Merchants Bank, National Association is the largest deposit holder at 22.0% share. The top three institutions hold 48.5% of deposits, which places the county in the moderately concentrated band. Deposits have grown 30.1% since 2020 while the branch count fell by 1. It produces $649M of output, ranking #1,301 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 16 in 2020 to 15 in 2025. Institutions: 11 to 11. Top-three share: 45.4% to 48.5%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Merchants Bank, National Association | $170M | 22.0% | +53% |
| First Southeast Bank | $107M | 13.8% | +19% |
| Rushford State Bank (Incorporated) | $99M | 12.8% | +76% |
| Root River State Bank | $77M | 9.9% | +17% |
| F & M Community Bank, National Association | $71M | 9.2% | +4% |
| Alerus Financial, National Association | $67M | 8.7% | no 2020 presence |
| Minnwest Bank | $48M | 6.2% | +32% |
| First State Bank Minnesota | $38M | 4.9% | +44% |
| First State Bank of Fountain | $36M | 4.7% | +16% |
| First National Bank | $35M | 4.5% | +76% |
The 10 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 Rochester-Austin-Winona market
Fillmore County is one of 6 counties that make up the Rochester-Austin-Winona, MN market, a Combined Statistical Area (ranked #136 of 293 U.S. markets by economic output). It produces 3.3% of the market’s output and holds 8.0% of its deposits.
| Measure | Fillmore County | Share of Rochester-Austin-Winona market |
|---|---|---|
| 2024 GDP | $649M | 3.3% |
| Deposits | $774M | 8.0% |
| Population | 21,540 | 6.7% |
View the full Rochester-Austin-Winona market profile →
Recruiting in Fillmore 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 Fillmore County, on a retained basis.
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