St. Louis County, Minnesota, a core county of the Duluth-Grand Rapids, MN-WI market, holds $4.8B in deposits across 20 insured institutions and 64 branches. Wells Fargo Bank, National Association is the largest deposit holder at 22.0% share. The top three institutions hold 53.2% of deposits, which places the county in the moderately concentrated band. Deposits have grown 15.7% since 2020 while the branch count fell by 2. It produces $10.6B of output, ranking #342 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 66 in 2020 to 64 in 2025. Institutions: 19 to 20. Top-three share: 60.1% to 53.2%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Wells Fargo Bank, National Association | $1.0B | 22.0% | -16% |
| Park State Bank | $749M | 15.8% | +468% |
| U.S. Bank National Association | $733M | 15.4% | -5% |
| National Bank of Commerce | $485M | 10.2% | +7% |
| North Shore Bank of Commerce | $468M | 9.8% | +54% |
| Frandsen Bank & Trust | $273M | 5.7% | +47% |
| Bell Bank | $200M | 4.2% | no 2020 presence |
| Security State Bank of Hibbing | $136M | 2.9% | +1% |
| Western National Bank | $104M | 2.2% | +11% |
| Northern State Bank of Virginia | $89M | 1.9% | +18% |
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 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 66.1% of its deposits.
| Measure | St. Louis County | Share of Duluth-Grand Rapids market |
|---|---|---|
| 2024 GDP | $10.6B | 67.2% |
| Deposits | $4.8B | 66.1% |
| 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, on a retained basis.
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