Market Intelligence

Duluth-Grand Rapids, MN-WI

Banking market profile · FDIC Summary of Deposits (SOD), June 30, 2026
Market Intelligence › Duluth-Grand Rapids, MN-WI

Duluth-Grand Rapids, MN-WI, a Combined Statistical Area, holds $7.6 billion in deposits across 31 insured institutions and 97 branches, and ranks #153 of 293 U.S. markets by economic output. National Bank of Commerce is the largest deposit holder at 17.3% share. The top three banks hold 49% of deposits, which places the market in the Moderate band. Deposits have grown 15.9% since 2021 while the branch count fell by 4.9%.

Economic scale
2024 Real GDP
$15.8B
#153 of 293
Population
327K
#141 of 293
GDP per Capita
$48,368
#197 of 293
Deposit market
Deposits (SOD, 6/30/26)
$7.6B
#150 of 293
Deposits per Capita
$23,389
#195 of 293
Deposits per Branch
$79M
#253 of 293
Competitive structure
Insured Institutions
31
#84 of 293
Branches per 100k Pop.
29.7
#84 of 293
Median Deposits per Institution
$91M
The median deposits booked by a single institution in the market. #281 of 293. A lower figure means institutions typically hold smaller deposit positions here; it reflects local deposit presence, not an institution’s overall size. See Community & Regional Bank Share for institution scale.
Community & Regional Bank Share
62.5%
of market deposits held by banks with $100M to $100B in assets. #149 of 293. A higher share points to a market where small to mid-size institutions, the kind that compete on relationships and local decision-making, hold more ground.
Top-3 Banks’ Deposit Share: Moderate
49%
The combined deposit share of the top three banks by deposits in the market. A lower share means deposits are spread across more institutions.

Ranks show where the market stands among the 293 markets (Combined and Metropolitan Statistical Areas). They describe relative position, not a rating of market quality or suitability.

Deposit trend

Market Deposits (SOD, 2021 to 2026) +15.9% over 5 years
$6.6B
2021
$6.8B
2022
$6.7B
2023
$7.0B
2024
$7.2B
2025
$7.6B
2026

Branches: 102 in 2021 to 97 in 2026. Institutions: 33 to 31. Top-three share: 51% to 49%. Average deposits per branch: $79M.

Institutions by deposits

InstitutionDepositsShare Branches5‑yr
deposits
National Bank of Commerce$1.3B17.3%9+42%
Wells Fargo Bank$1.3B17.3%9-13%
U.S. Bank$1.1B14.6%9+24%
Park State Bank$968M12.7%15+16%
North Shore Bank of Commerce$517M6.8%7+50%
Frandsen Bank & Trust$370M4.8%7+27%
Grand Rapids State Bank$234M3.1%2+4%
Bell Bank$216M2.8%2+193%
Woodland Bank$136M1.8%3+40%
Security State Bank of Hibbing$130M1.7%1-13%
The First National Bank of Moose Lake$112M1.5%2+5%
Western National Bank$109M1.4%3-12%
Northview Bank$106M1.4%5+10%
The First National Bank of Coleraine$105M1.4%2+6%
BMO Bank$96M1.3%10%
Northern State Bank of Virginia$91M1.2%2+17%
The Miners National Bank of Eveleth$84M1.1%1+12%
Superior Savings Bank$81M1.1%1+28%
The First National Bank of Gilbert$76M1.0%2+39%
First State Bank of Bigfork$72M0.9%1+19%
Deerwood Bank$63M0.8%1+35%
The Huntington National Bank$54M0.7%1+3%
Chippewa Valley Bank$48M0.6%2-13%
Highland Bank$45M0.6%1-24%
Old National Bank$32M0.4%1+223%
B2 Bank$31M0.4%2+13%
The First National Bank of Proctor$31M0.4%1+9%
Northern State Bank$23M0.3%1-23%
Cornerstone State Bank$20M0.3%1+20%
Woodlands National Bank$15M0.2%10%
Security State Bank$11M0.1%1+19%

The 31 insured institutions with a branch presence in this market, per the FDIC Summary of Deposits, June 30, 2026. Five-year change compares the same institution’s 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 market that year. Deposit figures are nominal and are not adjusted for inflation.

Counties in this market

CountyStateGDP PopulationShare of Market GDP Share of Market Deposits
St. Louis CountyMinnesota$10.6B200,51867.2%66.6%
Itasca CountyMinnesota$2.0B45,40412.4%13.3%
Douglas CountyWisconsin$1.8B43,99011.3%14.0%
Carlton CountyMinnesota$1.4B36,7119.1%6.2%

Recruiting in the Duluth-Grand Rapids market

Deposits are moderately concentrated here, held by a mix of institutions rather than dominated by one. 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 this one.

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Other markets in Minnesota and Wisconsin

All 293 markets and the 1,523 counties with a branch within a CSA or MSA are covered in the Market Intelligence resource. See the methodology for how each figure is built and when to expect updates, or the disclaimer for how this data should, and should not, be read.