St. Louis County, Minnesota, a core county of the Duluth-Grand Rapids, MN-WI market, holds $5.1B in deposits across 19 insured institutions and 61 branches. Wells Fargo Bank is the largest deposit holder at 21.4% share. The top three banks hold 57% of deposits, which places the county in the Moderate band. Deposits have grown 12.4% since 2021 while the branch count fell by 4.7%. It produced $10.6B of real gross domestic product in 2024, ranking #342 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: 64 in 2021 to 61 in 2026. Institutions: 20 to 19. Top-three share: 58% to 57%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Wells Fargo Bank | $1.1B | 21.4% | -16% |
| U.S. Bank | $998M | 19.6% | +25% |
| Park State Bank | $787M | 15.5% | +27% |
| North Shore Bank of Commerce | $517M | 10.2% | +50% |
| National Bank of Commerce | $477M | 9.4% | +2% |
| Frandsen Bank & Trust | $270M | 5.3% | +27% |
| Bell Bank | $216M | 4.2% | +193% |
| Security State Bank of Hibbing | $130M | 2.6% | -13% |
| Western National Bank | $109M | 2.1% | -12% |
| Northern State Bank of Virginia | $91M | 1.8% | +17% |
| The Miners National Bank of Eveleth | $84M | 1.7% | +12% |
| The First National Bank of Gilbert | $76M | 1.5% | +39% |
| The Huntington National Bank | $54M | 1.1% | +3% |
| Highland Bank | $45M | 0.9% | -24% |
| Old National Bank | $32M | 0.6% | +223% |
| B2 Bank | $31M | 0.6% | +13% |
| The First National Bank of Proctor | $31M | 0.6% | +9% |
| Northview Bank | $24M | 0.5% | +20% |
| Northern State Bank | $23M | 0.5% | -23% |
The 19 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 Duluth-Grand Rapids market
St. Louis County is one of 4 counties that make up the Duluth-Grand Rapids, MN-WI market, a Combined Statistical Area (ranked #153 of 293 U.S. markets by economic output). It produces 67.2% of the market’s output and holds 66.6% of its deposits.
| Measure | St. Louis County | Share of parent market |
|---|---|---|
| 2024 GDP | $10.6B | 67.2% |
| Deposits | $5.1B | 66.6% |
| Population | 200,518 | 61.4% |
View the full Duluth-Grand Rapids market profile →
Recruiting in St. Louis 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 St. Louis County.
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