Itasca County, Minnesota, a core county of the Duluth-Grand Rapids, MN-WI market, holds $975M in deposits across 9 insured institutions and 17 branches. Grand Rapids State Bank is the largest deposit holder at 21.7% share. The top three banks hold 54% of deposits, which places the county in the Moderate band. Deposits have grown 16.0% since 2020 while the branch count fell by 10.5%. It produces $2.0B of output, ranking #940 of the 1,523 ranked counties by economic output.
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
Branches: 19 in 2020 to 17 in 2025. Institutions: 9 to 9. Top-three share: 60% to 54%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Grand Rapids State Bank | $212M | 21.7% | +4% |
| Park State Bank | $183M | 18.8% | no 2020 presence |
| Wells Fargo Bank | $131M | 13.5% | +24% |
| Woodland Bank | $128M | 13.1% | +52% |
| The First National Bank of Coleraine | $98M | 10.1% | +16% |
| First State Bank of Bigfork | $68M | 7.0% | +14% |
| Deerwood Bank | $62M | 6.4% | +80% |
| U.S. Bank | $54M | 5.5% | +36% |
| Northview Bank | $39M | 4.0% | +29% |
The 9 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, 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. “No 2020 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 Duluth-Grand Rapids market
Itasca 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 12.4% of the market’s output and holds 13.6% of its deposits.
| Measure | Itasca County | Share of parent market |
|---|---|---|
| 2024 GDP | $2.0B | 12.4% |
| Deposits | $975M | 13.6% |
| Population | 45,404 | 13.9% |
View the full Duluth-Grand Rapids market profile →
Recruiting in Itasca 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 Itasca County.
See how we help banks recruit commercial banking talent