Minnehaha County, South Dakota, a core county of the Sioux Falls, SD-MN market, holds $361.6B in deposits across 26 insured institutions and 84 branches. Wells Fargo Bank, National Association is the largest deposit holder at 95.4% share. The top three banks hold 98% of deposits, which places the county in the Concentrated band. Deposits have fallen 2.2% since 2020 while the branch count fell by 15.2%. It produces $16.6B of output, ranking #244 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: 99 in 2020 to 84 in 2025. Institutions: 24 to 26. Top-three share: 99% to 98%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Wells Fargo Bank | $345.0B | 95.4% | -5% |
| The Bancorp Bank | $7.8B | 2.1% | no 2020 presence |
| First PREMIER Bank | $2.2B | 0.6% | +6% |
| The First National Bank in Sioux Falls | $1.3B | 0.4% | +29% |
| First Bank & Trust | $990M | 0.3% | no 2020 presence |
| First Interstate Bank | $965M | 0.3% | -11% |
| U.S. Bank | $774M | 0.2% | +31% |
| First Dakota National Bank | $753M | 0.2% | +65% |
| Plains Commerce Bank | $383M | 0.1% | +89% |
| American Bank & Trust | $234M | 0.1% | +61% |
| Dacotah Bank | $231M | 0.1% | +23% |
| One American Bank | $225M | 0.1% | +125% |
| CorTrust Bank | $179M | <0.1% | +10% |
| Liberty National Bank | $108M | <0.1% | +20% |
| Frontier Bank | $70M | <0.1% | +9% |
| First International Bank & Trust | $70M | <0.1% | no 2020 presence |
| Security Savings Bank | $63M | <0.1% | no 2020 presence |
| Reliabank Dakota | $63M | <0.1% | +37% |
| Bank Midwest | $59M | <0.1% | +100% |
| Central Bank | $51M | <0.1% | +37% |
| JPMorgan Chase Bank | $50M | <0.1% | no 2020 presence |
| Security National Bank of South Dakota | $40M | <0.1% | -17% |
| Minnwest Bank | $19M | <0.1% | +15% |
| Heritage Bank | $16M | <0.1% | +156% |
| First Western Bank & Trust | $12M | <0.1% | no 2020 presence |
| First State Bank Southwest | $10M | <0.1% | no 2020 presence |
The 26 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 Sioux Falls market
Minnehaha County is one of 5 counties that make up the Sioux Falls, SD-MN market, a Metropolitan Statistical Area (ranked #114 of 293 U.S. markets by economic output). It produces 67.2% of the market’s output and holds 40.4% of its deposits.
| Measure | Minnehaha County | Share of parent market |
|---|---|---|
| 2024 GDP | $16.6B | 67.2% |
| Deposits | $361.6B | 40.4% |
| Population | 212,691 | 67.6% |
View the full Sioux Falls market profile →
Recruiting in Minnehaha 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 Minnehaha County.
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