Duluth-Grand Rapids, MN-WI holds $7.2 billion in deposits across 32 insured institutions and 101 branches, ranking #153 of 293 U.S. markets by economic output. National Bank of Commerce is the largest deposit holder at 17.8% share. The top three institutions hold 48.4% of deposits, which places the market in the moderate band. Deposits have grown 20% since 2020 while the branch count fell by 4.
Deposit trend
Branches: 105 in 2020 to 101 in 2025. Institutions: 32 to 32. Top-three share: 53.2% to 48.4%. Deposits per branch: $71M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| National Bank of Commerce | 1.3B | 17.8% | +45% |
| Wells Fargo Bank | 1.3B | 17.6% | -11% |
| Park State Bank | 0.9B | 13.0% | +606% |
| U.S. Bank | 0.9B | 11.9% | -2% |
| North Shore Bank of Commerce | 0.5B | 6.5% | +54% |
| Frandsen Bank & Trust | 0.4B | 5.0% | +44% |
| Grand Rapids State Bank | 0.2B | 3.0% | +4% |
| Bell Bank | 0.2B | 2.8% | new since 2020 |
| Security State Bank of Hibbing | 0.1B | 1.9% | +2% |
| Woodland Bank | 0.1B | 1.8% | +52% |
The 10 largest of 32 insured institutions with a branch presence, as of June 30, 2025. Five-year change compares the same institution's deposits in 2020 and 2025; an acquirer absorbs the balances of banks it bought.
Counties in this market
| County | State | GDP | Population | Share of GDP |
|---|---|---|---|---|
| St. Louis County | Minnesota | $10,618M | 200,518 | 67.2% |
| Itasca County | Minnesota | $1,960M | 45,404 | 12.4% |
| Douglas County | Wisconsin | $1,783M | 43,990 | 11.3% |
| Carlton County | Minnesota | $1,437M | 36,711 | 9.1% |
Recruiting in Duluth
Deposits are neither closely held nor widely dispersed, which usually leaves room for a well-led team to take share without competing head-on with a dominant holder. 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, on a retained basis.
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