Polk County, Minnesota, a core county of the Grand Forks, ND-MN market, holds $996M in deposits across 10 insured institutions and 14 branches. Old National Bank is the largest deposit holder at 19.3% share. The top three banks hold 57% of deposits, which places the county in the Moderate band. Deposits have grown 14.2% since 2021. It produced $1.3B of real gross domestic product in 2024, ranking #1,116 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: 14 in 2021 to 14 in 2026. Institutions: 10 to 10. Top-three share: 65% to 57%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Old National Bank | $192M | 19.3% | -28% |
| American Federal Bank | $190M | 19.1% | +16% |
| Ultima Bank Minnesota | $186M | 18.7% | +34% |
| Frandsen Bank & Trust | $145M | 14.6% | +66% |
| United Valley Bank | $110M | 11.0% | +38% |
| Red River State Bank | $41M | 4.1% | +6% |
| The First National Bank of McIntosh | $37M | 3.8% | +43% |
| American State Bank of Grygla | $35M | 3.5% | +8% |
| Unity Bank | $32M | 3.2% | +172% |
| The First National Bank of Bagley | $27M | 2.7% | +4% |
The 10 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 Grand Forks market
Polk County is one of 2 counties that make up the Grand Forks, ND-MN market, a Metropolitan Statistical Area (ranked #258 of 293 U.S. markets by economic output). It produces 21.5% of the market’s output and holds 25.7% of its deposits.
| Measure | Polk County | Share of parent market |
|---|---|---|
| 2024 GDP | $1.3B | 21.5% |
| Deposits | $996M | 25.7% |
| Population | 30,545 | 29.1% |
View the full Grand Forks market profile →
Recruiting in Polk 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 Polk County.
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