Polk County, Minnesota, a core county of the Grand Forks, ND-MN market, holds $989M in deposits across 10 insured institutions and 14 branches. Old National Bank is the largest deposit holder at 20.9% share. The top three institutions hold 58.6% of deposits, which places the county in the moderately concentrated band. Deposits have grown 19.1% since 2020 while the branch count fell by 1. It produces $1.3B of output, ranking #1,116 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 15 in 2020 to 14 in 2025. Institutions: 11 to 10. Top-three share: 64.4% to 58.6%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Old National Bank | $207M | 20.9% | -18% |
| American Federal Bank | $189M | 19.1% | +30% |
| Ultima Bank Minnesota | $184M | 18.6% | +35% |
| Frandsen Bank & Trust | $147M | 14.8% | +92% |
| United Valley Bank | $101M | 10.2% | no 2020 presence |
| American State Bank of Grygla | $41M | 4.1% | +54% |
| Red River State Bank | $39M | 3.9% | +21% |
| The First National Bank of McIntosh | $31M | 3.2% | +51% |
| The First National Bank of Bagley | $26M | 2.6% | +19% |
| Unity Bank | $25M | 2.5% | +150% |
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 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 24.4% of its deposits.
| Measure | Polk County | Share of Grand Forks market |
|---|---|---|
| 2024 GDP | $1.3B | 21.5% |
| Deposits | $989M | 24.4% |
| 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, on a retained basis.
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