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 is the largest deposit holder at 47.2% share. The top three banks hold 80% of deposits, which places the county in the Concentrated band. Deposits have grown 3.7% since 2021. It produced $2.3B of real gross domestic product in 2024, ranking #870 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: 15 in 2021 to 15 in 2026. Institutions: 9 to 9. Top-three share: 82% to 80%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Merchants Bank | $712M | 47.2% | +5% |
| WNB Financial | $318M | 21.1% | -5% |
| Wells Fargo Bank | $170M | 11.3% | -5% |
| Old National Bank | $136M | 9.0% | -2% |
| Minnwest Bank | $57M | 3.8% | +31% |
| Peoples State Bank of Plainview | $56M | 3.7% | +17% |
| Alerus Financial | $32M | 2.1% | +2% |
| Oakwood Bank | $26M | 1.7% | +5,767% |
| Minnesota First Credit and Savings, Incorporated | $1M | 0.1% | -55% |
The 9 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 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 15.2% of its deposits.
| Measure | Winona County | Share of parent market |
|---|---|---|
| 2024 GDP | $2.3B | 11.7% |
| Deposits | $1.5B | 15.2% |
| 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.
See how we help banks recruit commercial banking talent