Salt Lake County, Utah, a core county of the Salt Lake City-Provo-Orem, UT-ID market, holds $1,175.4B in deposits across 57 insured institutions and 205 branches. Morgan Stanley Bank is the largest deposit holder at 22.9% share. The top three banks hold 54% of deposits, which places the county in the Moderate band. Deposits have grown 61.0% since 2021 while the branch count rose by 1.5%. It produced $119.5B of real gross domestic product in 2024, 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: 202 in 2021 to 205 in 2026. Institutions: 44 to 57. Top-three share: 52% to 54%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Morgan Stanley Bank | $268.8B | 22.9% | +77% |
| Goldman Sachs Bank USA | $194.1B | 16.5% | +165% |
| American Express National Bank | $171.6B | 14.6% | +102% |
| Ally Bank | $156.6B | 13.3% | +10% |
| UBS Bank USA | $109.3B | 9.3% | +27% |
| Synchrony Bank | $86.0B | 7.3% | +40% |
| SoFi Bank | $46.6B | 4.0% | no 2021 presence |
| JPMorgan Chase Bank | $23.7B | 2.0% | -25% |
| Sallie Mae Bank | $20.3B | 1.7% | -6% |
| Optum Bank, Inc. | $16.5B | 1.4% | +43% |
| Zions Bancorporation | $13.2B | 1.1% | -9% |
| Comenity Capital Bank | $11.0B | 0.9% | +71% |
| BMW Bank of North America | $9.5B | 0.8% | +27% |
| WEX Bank | $7.9B | 0.7% | +211% |
| Wells Fargo Bank | $7.8B | 0.7% | -19% |
| Merrick Bank | $7.4B | 0.6% | +139% |
| Celtic Bank | $3.9B | 0.3% | +345% |
| KeyBank | $3.2B | 0.3% | -40% |
| U.S. Bank | $2.8B | 0.2% | -8% |
| Nelnet Bank | $2.5B | 0.2% | +737% |
| Medallion Bank | $2.3B | 0.2% | +99% |
| WebBank | $2.3B | 0.2% | +451% |
| FinWise Bank | $723M | 0.1% | +256% |
| The Pitney Bowes Bank, Inc. | $676M | 0.1% | +3% |
| First Utah Bank | $660M | 0.1% | +19% |
| Bank of America | $614M | 0.1% | -63% |
| Square Financial Services, Inc. | $559M | <0.1% | +954% |
| Thrivent Bank | $548M | <0.1% | no 2021 presence |
| Glacier Bank | $478M | <0.1% | -30% |
| WaFd Bank | $456M | <0.1% | -49% |
| Bank of Utah | $409M | <0.1% | +72% |
| UMB Bank | $319M | <0.1% | no 2021 presence |
| BMO Bank | $311M | <0.1% | -2% |
| First Electronic Bank | $286M | <0.1% | +467% |
| Milestone Bank | $283M | <0.1% | no 2021 presence |
| Brighton Bank | $279M | <0.1% | +10% |
| Varo Bank | $210M | <0.1% | +38% |
| Sunwest Bank | $200M | <0.1% | +1,331% |
| Cache Valley Bank | $175M | <0.1% | -76% |
| Axos Bank | $162M | <0.1% | no 2021 presence |
| Continental Bank | $141M | <0.1% | -43% |
| NBH Bank | $120M | <0.1% | no 2021 presence |
| Fortis Bank | $80M | <0.1% | no 2021 presence |
| Home Savings Bank | $76M | <0.1% | -15% |
| B2 Bank | $73M | <0.1% | no 2021 presence |
| Quill Bank | $70M | <0.1% | +174% |
| First American Trust, FSB | $69M | <0.1% | +235% |
| Redemption Bank | $63M | <0.1% | +7% |
| Banterra Bank | $47M | <0.1% | no 2021 presence |
| MidFirst Bank | $44M | <0.1% | no 2021 presence |
| Columbia Bank | $32M | <0.1% | no 2021 presence |
| D. L. Evans Bank | $28M | <0.1% | no 2021 presence |
| Northwest Bank | $26M | <0.1% | no 2021 presence |
| Liberty Bank, Inc. | $7M | <0.1% | -32% |
| Stride Bank | $2M | <0.1% | +72% |
| Regions Bank | $0M | 0.0% | -100% |
| Column | $0M | 0.0% | no 2021 presence |
The 57 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 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 96.6% of its deposits.
| Measure | Salt Lake County | Share of parent market |
|---|---|---|
| 2024 GDP | $119.5B | 58.7% |
| Deposits | $1,175.4B | 96.6% |
| 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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