Winona County, Minnesota, a core county of the Rochester-Austin-Winona, MN market, holds $1.5B in deposits across 9 insured institutions and 15 branches. Merchants Bank, National Association is the largest deposit holder at 46.3% share. The top three institutions hold 78.3% of deposits, which places the county in the concentrated band. Deposits have grown 14.2% since 2020. It produces $2.3B of output, ranking #870 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 15 in 2020 to 15 in 2025. Institutions: 8 to 9. Top-three share: 81.4% to 78.3%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Merchants Bank, National Association | $674M | 46.3% | +13% |
| WNB FINANCIAL, N.A. | $299M | 20.5% | +7% |
| Old National Bank | $167M | 11.5% | +33% |
| Wells Fargo Bank, National Association | $159M | 10.9% | 0% |
| Peoples State Bank of Plainview | $56M | 3.9% | +32% |
| Minnwest Bank | $48M | 3.3% | +30% |
| Alerus Financial, National Association | $30M | 2.1% | no 2020 presence |
| Oakwood Bank | $20M | 1.4% | no 2020 presence |
| Minnesota First Credit and Savings, Incorporated | $2M | 0.1% | -41% |
The 9 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 Rochester-Austin-Winona market
Winona County is one of 6 counties that make up the Rochester-Austin-Winona, MN market, a Combined Statistical Area (ranked #136 of 293 U.S. markets by economic output). It produces 11.7% of the market’s output and holds 15.1% of its deposits.
| Measure | Winona County | Share of Rochester-Austin-Winona market |
|---|---|---|
| 2024 GDP | $2.3B | 11.7% |
| Deposits | $1.5B | 15.1% |
| Population | 50,523 | 15.7% |
View the full Rochester-Austin-Winona market profile →
Recruiting in Winona County
Deposits are held closely by the largest banks, which often means the bankers worth recruiting are inside a small 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 Winona County, on a retained basis.
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