Pennington County, South Dakota, a core county of the Rapid City-Spearfish, SD market, holds $3.2B in deposits across 10 insured institutions and 23 branches. First Interstate Bank is the largest deposit holder at 19.2% share. The top three institutions hold 53.0% of deposits, which places the county in the moderately concentrated band. Deposits have grown 5.4% since 2020 while the branch count fell by 5. It produces $6.4B of output, ranking #505 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 28 in 2020 to 23 in 2025. Institutions: 11 to 10. Top-three share: 58.3% to 53.0%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| First Interstate Bank | $622M | 19.2% | -3% |
| U.S. Bank National Association | $554M | 17.1% | -17% |
| Wells Fargo Bank, National Association | $541M | 16.7% | -27% |
| Security First Bank | $400M | 12.4% | +206% |
| Black Hills Community Bank, N.A. | $384M | 11.9% | +37% |
| Pioneer Bank & Trust | $346M | 10.7% | +14% |
| Dacotah Bank | $155M | 4.8% | +20% |
| First National Bank | $99M | 3.1% | +55% |
| BankWest, Inc. | $98M | 3.0% | +38% |
| First Western Federal Savings Bank | $38M | 1.2% | -17% |
The 10 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 Rapid City-Spearfish market
Pennington County is one of 4 counties that make up the Rapid City-Spearfish, SD market, a Combined Statistical Area (ranked #207 of 293 U.S. markets by economic output). It produces 70.1% of the market’s output and holds 68.4% of its deposits.
| Measure | Pennington County | Share of Rapid City-Spearfish market |
|---|---|---|
| 2024 GDP | $6.4B | 70.1% |
| Deposits | $3.2B | 68.4% |
| Population | 116,792 | 62.7% |
View the full Rapid City-Spearfish market profile →
Recruiting in Pennington 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 Pennington County, on a retained basis.
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