Grand Forks, ND-MN holds $4.1 billion in deposits across 21 insured institutions and 39 branches, ranking #258 of 293 U.S. markets by economic output. Alerus Financial is the largest deposit holder at 21.1% share. The top three institutions hold 44.9% of deposits, which places the market in the fragmented band. Deposits have grown 18% since 2020 while the branch count fell by 2.
Deposit trend
Branches: 41 in 2020 to 39 in 2025. Institutions: 20 to 21. Top-three share: 51.9% to 44.9%. Deposits per branch: $104M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Alerus Financial | 0.9B | 21.1% | +29% |
| Old National Bank | 0.6B | 15.6% | new since 2020 |
| Gate City Bank | 0.3B | 8.2% | +41% |
| U.S. Bank | 0.3B | 7.8% | -10% |
| Frandsen Bank & Trust | 0.3B | 7.1% | +50% |
| American Federal Bank | 0.2B | 5.8% | +30% |
| First State Bank | 0.2B | 5.6% | +51% |
| Choice Financial Group | 0.2B | 5.4% | +6% |
| Wells Fargo Bank | 0.2B | 4.8% | +31% |
| United Valley Bank | 0.2B | 4.7% | +193% |
The 10 largest of 21 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 |
|---|---|---|---|---|
| Grand Forks County | North Dakota | $4,580M | 74,501 | 78.5% |
| Polk County | Minnesota | $1,256M | 30,545 | 21.5% |
Recruiting in Grand Forks
No single institution dominates deposits here, which usually means more competitors of a size where a strong team can move meaningful share. 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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