Mankato-New Ulm, MN, a Combined Statistical Area, holds $4.5 billion in deposits across 26 insured institutions and 45 branches, and ranks #236 of 293 U.S. markets by economic output. Wells Fargo Bank is the largest deposit holder at 13.8% share. The top three banks hold 34% of deposits, which places the market in the Fragmented band.
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
Branches: 52 in 2021 to 45 in 2026. Institutions: 27 to 26. Top-three share: 38% to 34%. Average deposits per branch: $99M.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Wells Fargo Bank | $616M | 13.8% | -32% |
| Community Bank Mankato | $474M | 10.6% | +33% |
| Pioneer Bank | $414M | 9.3% | +9% |
| Frandsen Bank & Trust | $330M | 7.4% | +31% |
| Citizens Bank Minnesota | $327M | 7.3% | -1% |
| U.S. Bank | $276M | 6.2% | -20% |
| First National Bank Minnesota | $218M | 4.9% | +12% |
| ProGrowth Bank | $196M | 4.4% | +86% |
| United Prairie Bank | $187M | 4.2% | +66% |
| Minnstar Bank | $180M | 4.0% | +26% |
| Old National Bank | $179M | 4.0% | +9% |
| Alliance Bank | $166M | 3.7% | -2% |
| St. Clair State Bank (Incorporated) | $118M | 2.7% | +25% |
| BankVista | $114M | 2.6% | +73% |
| Bank Midwest | $102M | 2.3% | +56% |
| Farmers and Merchants State Bank of Springfield | $86M | 1.9% | -1% |
| CCFBank | $86M | 1.9% | -13% |
| The Huntington National Bank | $86M | 1.9% | -9% |
| Americana Community Bank | $62M | 1.4% | +5% |
| First Security Bank - Sleepy Eye | $55M | 1.2% | -12% |
| HomeTown Bank | $46M | 1.0% | +3% |
| Profinium, Inc. | $42M | 0.9% | -37% |
| Cornerstone State Bank | $37M | 0.8% | +22% |
| West Bank | $33M | 0.7% | +415% |
| MidCountry Bank | $20M | 0.4% | -20% |
| Triumph State Bank | $11M | 0.3% | -20% |
The 26 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
| County | State | GDP | Population | Share of Market GDP | |
|---|---|---|---|---|---|
| Blue Earth County | Minnesota | $4.4B | 70,634 | 58.7% | 60.9% |
| Brown County | Minnesota | $1.5B | 25,517 | 20.8% | 21.8% |
| Nicollet County | Minnesota | $1.5B | 34,273 | 20.5% | 17.3% |
Recruiting in the Mankato-New Ulm market
No single institution dominates deposits here, which often means more competitors of a size where a well-positioned team has room to compete. 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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