Rice County, Minnesota, a core county of the Minneapolis-St. Paul, MN-WI market, holds $1.7B in deposits across 10 insured institutions and 18 branches. Wells Fargo Bank, National Association is the largest deposit holder at 20.7% share. The top three institutions hold 55.1% of deposits, which places the county in the moderately concentrated band. Deposits have grown 17.2% since 2020 while the branch count fell by 1. It produces $3.1B of output, ranking #748 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 19 in 2020 to 18 in 2025. Institutions: 11 to 10. Top-three share: 53.0% to 55.1%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Wells Fargo Bank, National Association | $350M | 20.7% | +6% |
| Community Resource Bank | $311M | 18.4% | +77% |
| The State Bank of Faribault | $270M | 16.0% | +28% |
| Reliance Bank | $257M | 15.2% | +69% |
| Merchants Bank, National Association | $217M | 12.9% | -2% |
| Frandsen Bank & Trust | $181M | 10.7% | +68% |
| Premier Bank Minnesota | $42M | 2.5% | -3% |
| Lake Country Community Bank | $30M | 1.8% | +13% |
| Heritage Bank Minnesota | $22M | 1.3% | +493% |
| The First National Bank of Le Center | $9M | 0.6% | no 2020 presence |
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 Minneapolis-St. Paul market
Rice County is one of 21 counties that make up the Minneapolis-St. Paul, MN-WI market, a Combined Statistical Area (ranked #16 of 293 U.S. markets by economic output). It produces 1.0% of the market’s output and holds 0.7% of its deposits.
| Measure | Rice County | Share of Minneapolis-St. Paul market |
|---|---|---|
| 2024 GDP | $3.1B | 1.0% |
| Deposits | $1.7B | 0.7% |
| Population | 69,939 | 1.7% |
View the full Minneapolis-St. Paul market profile →
Recruiting in Rice 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 Rice County, on a retained basis.
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