Salt Lake County, Utah, a core county of the Salt Lake City-Provo-Orem, UT-ID market, holds $1,020.5B in deposits across 52 insured institutions and 201 branches. Morgan Stanley Bank, National Association is the largest deposit holder at 18.9% share. The top three banks hold 51% of deposits, which places the county in the Moderate band. Deposits have grown 49.0% since 2020 while the branch count fell by 3.8%. It produces $119.5B of output, ranking #29 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: 209 in 2020 to 201 in 2025. Institutions: 41 to 52. Top-three share: 53% to 51%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Morgan Stanley Bank | $192.9B | 18.9% | +31% |
| American Express National Bank | $168.4B | 16.5% | +98% |
| Goldman Sachs Bank USA | $164.1B | 16.1% | +152% |
| Ally Bank | $151.3B | 14.8% | +13% |
| UBS Bank USA | $98.4B | 9.6% | +47% |
| Synchrony Bank | $84.8B | 8.3% | +27% |
| SoFi Bank | $29.6B | 2.9% | no 2020 presence |
| JPMorgan Chase Bank | $20.8B | 2.0% | -20% |
| Sallie Mae Bank | $20.8B | 2.0% | -12% |
| Optum Bank, Inc. | $15.1B | 1.5% | +62% |
| Zions Bancorporation | $13.9B | 1.4% | +10% |
| Comenity Capital Bank | $10.0B | 1.0% | +43% |
| BMW Bank of North America | $8.0B | 0.8% | +3% |
| Wells Fargo Bank | $7.6B | 0.7% | -18% |
| Merrick Bank | $7.0B | 0.7% | +123% |
| WEX Bank | $6.5B | 0.6% | +217% |
| KeyBank | $3.0B | 0.3% | -45% |
| Celtic Bank | $2.8B | 0.3% | +171% |
| U.S. Bank | $2.6B | 0.3% | +1% |
| Medallion Bank | $2.0B | 0.2% | +87% |
| WebBank | $1.7B | 0.2% | +270% |
| Nelnet Bank | $1.5B | 0.2% | no 2020 presence |
| Bank of America | $945M | 0.1% | -24% |
| First Utah Bank | $699M | 0.1% | +46% |
| The Pitney Bowes Bank, Inc. | $684M | 0.1% | +7% |
| FinWise Bank | $664M | 0.1% | +322% |
| Thrivent Bank | $641M | 0.1% | no 2020 presence |
| Washington Federal Bank | $529M | 0.1% | +7% |
| Glacier Bank | $418M | <0.1% | +1,386% |
| Bank of Utah | $384M | <0.1% | +48% |
| Square Financial Services, Inc. | $371M | <0.1% | no 2020 presence |
| First Electronic Bank | $333M | <0.1% | +1,977% |
| Milestone Bank | $329M | <0.1% | no 2020 presence |
| Brighton Bank | $281M | <0.1% | +22% |
| BMO Bank | $215M | <0.1% | -16% |
| Sunwest Bank | $182M | <0.1% | +5,323% |
| Varo Bank | $161M | <0.1% | no 2020 presence |
| Continental Bank | $144M | <0.1% | +17% |
| Home Savings Bank | $86M | <0.1% | -15% |
| Cache Valley Bank | $84M | <0.1% | no 2020 presence |
| Capital Community Bank | $78M | <0.1% | +183% |
| Fortis Bank | $71M | <0.1% | no 2020 presence |
| Holladay Bank & Trust | $66M | <0.1% | +17% |
| D. L. Evans Bank | $48M | <0.1% | no 2020 presence |
| Banterra Bank | $47M | <0.1% | no 2020 presence |
| MidFirst Bank | $33M | <0.1% | no 2020 presence |
| Northwest Bank | $29M | <0.1% | no 2020 presence |
| First American Trust, FSB | $28M | <0.1% | +64% |
| Umpqua Bank | $21M | <0.1% | no 2020 presence |
| Liberty Bank, Inc. | $8M | <0.1% | -14% |
| Stride Bank | $1M | <0.1% | -31% |
| Regions Bank | $0M | 0.0% | no 2020 presence |
The 52 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, 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. “No 2020 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 Salt Lake City-Provo-Orem market
Salt Lake County is one of 11 counties that make up the Salt Lake City-Provo-Orem, UT-ID market, a Combined Statistical Area (ranked #24 of 293 U.S. markets by economic output). It produces 58.7% of the market’s output and holds 96.5% of its deposits.
| Measure | Salt Lake County | Share of parent market |
|---|---|---|
| 2024 GDP | $119.5B | 58.7% |
| Deposits | $1,020.5B | 96.5% |
| Population | 1,220,916 | 42.0% |
View the full Salt Lake City-Provo-Orem market profile →
Recruiting in Salt Lake 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 Salt Lake County.
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