Madison County, Iowa, a county in the Des Moines-West Des Moines-Ames, IA market, holds $448M in deposits across 4 insured institutions and 8 branches. Farmers and Merchants State Bank is the largest deposit holder at 45.3% share. The top three banks hold 91% of deposits, which places the county in the Concentrated band. Deposits have grown 24.9% since 2020. It produces $510M of output, ranking #1,355 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: 8 in 2020 to 8 in 2025. Institutions: 4 to 4. Top-three share: 91% to 91%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Farmers and Merchants State Bank | $203M | 45.3% | +26% |
| Union State Bank | $112M | 25.0% | +24% |
| Earlham Savings Bank | $91M | 20.4% | +18% |
| American State Bank | $42M | 9.3% | +36% |
The 4 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 Des Moines-West Des Moines-Ames market
Madison County is one of 10 counties that make up the Des Moines-West Des Moines-Ames, IA market, a Combined Statistical Area (ranked #53 of 293 U.S. markets by economic output). It produces 0.7% of the market’s output and holds 1.1% of its deposits.
| Measure | Madison County | Share of parent market |
|---|---|---|
| 2024 GDP | $510M | 0.7% |
| Deposits | $448M | 1.1% |
| Population | 17,270 | 1.8% |
View the full Des Moines-West Des Moines-Ames market profile →
Recruiting in Madison 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 Madison County.
See how we help banks recruit commercial banking talent