Market Intelligence › Duluth-Grand Rapids, MN-WI

Duluth-Grand Rapids, MN-WI, a Combined Statistical Area, 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 20.2% since 2020 while the branch count fell by 3.8%.

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

Total Deposits

$7.2B

#153 of 293

Deposits per Capita

$22,044

#210 of 293

Deposits per Branch

$71M

#263 of 293

Competitive structure

Insured Institutions

#80 of 293

Branches per 100k Pop.

30.9

#78 of 293

Median Deposits per Institution

$83M

The median deposits booked by a single institution in the market. #282 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

61.5%

of market deposits held by banks with $100M to $50B in assets. #132 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 Deposit Share: moderate

48.4%

The combined deposit share of the three largest institutions 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

Total market deposits (nominal), 2020 to 2025 +20.2% over 5 years

$6.0B

2020

$6.6B

2021

$6.8B

2022

$6.7B

2023

$7.0B

2024

$7.2B

2025

Branches: 105 in 2020 to 101 in 2025. Institutions: 32 to 32. Top-three share: 53.2% to 48.4%. Deposits per branch: $71M.

Institutions by deposits

Institution	Deposits	Share	Branches	5‑yr
National Bank of Commerce	$1.3B	17.8%	9	+45%
Wells Fargo Bank	$1.3B	17.6%	10	-11%
Park State Bank	$0.9B	13.0%	14	+606%
U.S. Bank	$0.9B	11.9%	10	-2%
North Shore Bank of Commerce	$0.5B	6.5%	7	+54%
Frandsen Bank & Trust	$0.4B	5.0%	7	+44%
Grand Rapids State Bank	$0.2B	3.0%	2	+4%
Bell Bank	$0.2B	2.8%	2	no 2020 presence
Security State Bank of Hibbing	$0.1B	1.9%	1	+2%
Woodland Bank	$0.1B	1.8%	3	+52%
The First National Bank of Moose Lake	$112M	1.6%	2	-2%
BMO Bank	$106M	1.5%	1	+10%
Northview Bank	$106M	1.5%	5	+31%
Western National Bank	$104M	1.4%	3	+11%
The First National Bank of Coleraine	$98M	1.4%	2	+16%
Northern State Bank of Virginia	$89M	1.2%	2	+18%
The Miners National Bank of Eveleth	$78M	1.1%	1	+22%
First National Bank	$71M	1.0%	3	+1%
The First National Bank of Gilbert	$70M	1.0%	2	+50%
Superior Savings Bank	$68M	0.9%	1	+16%
First State Bank of Bigfork	$68M	0.9%	1	+14%
Deerwood Bank	$62M	0.9%	1	+80%
B2 Bank	$60M	0.8%	2	+124%
The Huntington National Bank	$52M	0.7%	1	+11%
Chippewa Valley Bank	$47M	0.7%	2	+5%
Highland Bank	$41M	0.6%	1	no 2020 presence
The First National Bank of Proctor	$31M	0.4%	1	+30%
Northern State Bank	$25M	0.4%	1	-7%
Cornerstone State Bank	$20M	0.3%	1	+34%
Old National Bank	$20M	0.3%	1	no 2020 presence
Woodlands National Bank	$14M	0.2%	1	+49%
Security State Bank	$12M	0.2%	1	+30%

The 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. 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 2020 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

County	State	GDP	Population	Share of Market GDP	Share of Market Deposits
St. Louis County	Minnesota	$10.6B	200,518	67.2%	66.1%
Itasca County	Minnesota	$2.0B	45,404	12.4%	13.6%
Douglas County	Wisconsin	$1.8B	43,990	11.3%	14.0%
Carlton County	Minnesota	$1.4B	36,711	9.1%	6.3%

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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Deposit trend

Institutions by deposits

Counties in this market

Recruiting in the Duluth-Grand Rapids market

Other markets in Minnesota and Wisconsin