Mille Lacs County, Minnesota, a county in the Minneapolis-St. Paul, MN-WI market, holds $739M in deposits across 6 insured institutions and 8 branches. The First National Bank of Milaca is the largest deposit holder at 28.9% share. The top three institutions hold 79.8% of deposits, which places the county in the concentrated band. Deposits have grown 10.5% since 2020. It produces $889M of output, ranking #1,227 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 8 in 2020 to 8 in 2025. Institutions: 6 to 6. Top-three share: 83.9% to 79.8%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| The First National Bank of Milaca | $214M | 28.9% | +12% |
| Woodlands National Bank | $189M | 25.5% | +1% |
| Old National Bank | $188M | 25.4% | +2% |
| First Bank & Trust | $53M | 7.2% | +36% |
| U.S. Bank National Association | $51M | 6.9% | +25% |
| Sherburne State Bank | $45M | 6.2% | +62% |
The 6 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 Minneapolis-St. Paul market
Mille Lacs 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 0.3% of the market’s output and holds 0.3% of its deposits.
| Measure | Mille Lacs County | Share of Minneapolis-St. Paul market |
|---|---|---|
| 2024 GDP | $889M | 0.3% |
| Deposits | $739M | 0.3% |
| Population | 27,753 | 0.7% |
View the full Minneapolis-St. Paul market profile →
Recruiting in Mille Lacs 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 Mille Lacs County, on a retained basis.
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