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 institutions hold 51.5% of deposits, which places the county in the moderately concentrated band. Deposits have grown 49.0% since 2020 while the branch count fell by 8. It produces $119.5B of output, ranking #29 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 209 in 2020 to 201 in 2025. Institutions: 41 to 52. Top-three share: 53.5% to 51.5%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Morgan Stanley Bank, National Association | $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 | 9.7% | +47% |
| Synchrony Bank | $84.8B | 8.3% | +27% |
| SoFi Bank, National Association | $29.6B | 2.9% | no 2020 presence |
| JPMorgan Chase Bank, National Association | $20.8B | 2.0% | -20% |
| Sallie Mae Bank | $20.8B | 2.0% | -12% |
| Optum Bank, Inc. | $15.1B | 1.5% | +62% |
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 organic growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
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 Salt Lake City-Provo-Orem 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, on a retained basis.
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