Island County, Washington, a core county of the Seattle-Tacoma, WA market, holds $1.4B in deposits across 8 insured institutions and 16 branches. Heritage Bank is the largest deposit holder at 38.6% share. The top three institutions hold 69.6% of deposits, which places the county in the concentrated band. Deposits have grown 5.2% since 2020 while the branch count fell by 6. It produces $3.6B of output, ranking #713 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 22 in 2020 to 16 in 2025. Institutions: 10 to 8. Top-three share: 69.7% to 69.6%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Heritage Bank | $554M | 38.6% | +2% |
| Wells Fargo Bank, National Association | $263M | 18.4% | +14% |
| U.S. Bank National Association | $182M | 12.7% | +2% |
| SAVIBANK | $120M | 8.3% | +79% |
| Peoples Bank | $101M | 7.1% | +26% |
| JPMorgan Chase Bank, National Association | $87M | 6.0% | +27% |
| Coastal Community Bank | $76M | 5.3% | +3% |
| KeyBank National Association | $52M | 3.6% | +24% |
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 organic growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Seattle-Tacoma market
Island County is one of 9 counties that make up the Seattle-Tacoma, WA market, a Combined Statistical Area (ranked #9 of 293 U.S. markets by economic output). It produces 0.7% of the market’s output and holds 0.9% of its deposits.
| Measure | Island County | Share of Seattle-Tacoma market |
|---|---|---|
| 2024 GDP | $3.6B | 0.7% |
| Deposits | $1.4B | 0.9% |
| Population | 85,657 | 1.7% |
View the full Seattle-Tacoma market profile →
Recruiting in Island 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 Island County, on a retained basis.
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