Nicollet County, Minnesota, a core county of the Mankato-New Ulm, MN market, holds $755M in deposits across 6 insured institutions and 7 branches. Pioneer Bank is the largest deposit holder at 31.2% share. The top three institutions hold 74.9% of deposits, which places the county in the concentrated band. Deposits have grown 9.4% since 2020 while the branch count fell by 5. It produces $1.5B of output, ranking #1,041 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 12 in 2020 to 7 in 2025. Institutions: 9 to 6. Top-three share: 67.2% to 74.9%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Pioneer Bank | $236M | 31.2% | +1% |
| Frandsen Bank & Trust | $211M | 28.0% | +61% |
| First National Bank Minnesota | $119M | 15.7% | +19% |
| ProGrowth Bank | $98M | 13.0% | +137% |
| Citizens Bank Minnesota | $46M | 6.2% | +13% |
| HomeTown Bank | $45M | 6.0% | +10% |
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 competitive growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Mankato-New Ulm market
Nicollet County is one of 3 counties that make up the Mankato-New Ulm, MN market, a Combined Statistical Area (ranked #236 of 293 U.S. markets by economic output). It produces 20.5% of the market’s output and holds 17.5% of its deposits.
| Measure | Nicollet County | Share of Mankato-New Ulm market |
|---|---|---|
| 2024 GDP | $1.5B | 20.5% |
| Deposits | $755M | 17.5% |
| Population | 34,273 | 26.3% |
View the full Mankato-New Ulm market profile →
Recruiting in Nicollet 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 Nicollet County, on a retained basis.
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