Steele County, Minnesota, a core county of the Minneapolis-St. Paul, MN-WI market, holds $949M in deposits across 13 insured institutions and 14 branches. Wells Fargo Bank, National Association is the largest deposit holder at 23.3% share. The top three institutions hold 49.1% of deposits, which places the county in the moderately concentrated band. Deposits have grown 7.6% since 2020 while the branch count fell by 3. It produces $2.2B of output, ranking #899 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 17 in 2020 to 14 in 2025. Institutions: 14 to 13. Top-three share: 52.4% to 49.1%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Wells Fargo Bank, National Association | $221M | 23.3% | +2% |
| United Prairie Bank | $129M | 13.6% | +24% |
| Profinium, Inc. | $116M | 12.3% | +14% |
| U.S. Bank National Association | $112M | 11.8% | -21% |
| Community Bank Owatonna | $86M | 9.1% | +37% |
| Manufacturers Bank & Trust Company | $73M | 7.7% | no 2020 presence |
| Old National Bank | $52M | 5.5% | +4% |
| Keen Bank, National Association | $43M | 4.5% | +59% |
| Premier Bank Minnesota | $33M | 3.5% | +18% |
| The First State Bank of Red Wing | $32M | 3.4% | +9% |
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 competitive growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Minneapolis-St. Paul market
Steele County is one of 21 counties that make up the Minneapolis-St. Paul, MN-WI market, a Combined Statistical Area (ranked #16 of 293 U.S. markets by economic output). It produces 0.7% of the market’s output and holds 0.4% of its deposits.
| Measure | Steele County | Share of Minneapolis-St. Paul market |
|---|---|---|
| 2024 GDP | $2.2B | 0.7% |
| Deposits | $949M | 0.4% |
| Population | 37,464 | 0.9% |
View the full Minneapolis-St. Paul market profile →
Recruiting in Steele 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 Steele County, on a retained basis.
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