Olmsted County, Minnesota, a core county of the Rochester-Austin-Winona, MN market, holds $5.5B in deposits across 19 insured institutions and 45 branches. Think Mutual Bank is the largest deposit holder at 28.7% share. The top three banks hold 57% of deposits, which places the county in the Moderate band. Deposits have grown 1.6% since 2021 while the branch count fell by 10.0%. It produced $12.9B of real gross domestic product in 2024, ranking #306 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: 50 in 2021 to 45 in 2026. Institutions: 19 to 19. Top-three share: 61% to 57%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Think Mutual Bank | $1.6B | 28.7% | +3% |
| Wells Fargo Bank | $991M | 17.9% | -16% |
| U.S. Bank | $558M | 10.1% | -9% |
| Alerus Financial | $364M | 6.6% | +12% |
| Old National Bank | $284M | 5.1% | -37% |
| Premier Bank Minnesota | $258M | 4.7% | +6% |
| Associated Bank | $240M | 4.3% | +38% |
| Sterling State Bank | $223M | 4.0% | +10% |
| West Bank | $217M | 3.9% | +62% |
| Eagle Rock Bank | $154M | 2.8% | +49% |
| Merchants Bank | $154M | 2.8% | -1% |
| First Security Bank | $122M | 2.2% | +58% |
| F & M Community Bank | $114M | 2.1% | +45% |
| Foresight Bank | $104M | 1.9% | +163% |
| Minnwest Bank | $49M | 0.9% | -8% |
| Coulee Bank | $35M | 0.6% | +192% |
| Manufacturers Bank & Trust Company | $33M | 0.6% | -11% |
| First Farmers & Merchants State Bank of Grand Meadow | $31M | 0.6% | +38% |
| Minnesota First Credit and Savings, Incorporated | $18M | 0.3% | +119% |
The 19 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, June 30, 2026. Five-year change compares the same institution’s county deposits in 2021 and 2026. 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 2021 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 Rochester-Austin-Winona market
Olmsted County is one of 6 counties that make up the Rochester-Austin-Winona, MN market, a Combined Statistical Area (ranked #136 of 293 U.S. markets by economic output). It produces 65.0% of the market’s output and holds 55.9% of its deposits.
| Measure | Olmsted County | Share of parent market |
|---|---|---|
| 2024 GDP | $12.9B | 65.0% |
| Deposits | $5.5B | 55.9% |
| Population | 166,731 | 51.7% |
View the full Rochester-Austin-Winona market profile →
Recruiting in Olmsted 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 Olmsted County.
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