Mankato-New Ulm, MN holds $4.3 billion in deposits across 26 insured institutions and 45 branches, ranking #236 of 293 U.S. markets by economic output. Wells Fargo Bank is the largest deposit holder at 14.4% share. The top three institutions hold 34.5% of deposits, which places the market in the fragmented band. Deposits have grown 15% since 2020 while the branch count fell by 8.
Deposit trend
Branches: 53 in 2020 to 45 in 2025. Institutions: 27 to 26. Top-three share: 37.8% to 34.5%. Deposits per branch: $96M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Wells Fargo Bank | 0.6B | 14.4% | -14% |
| Community Bank Mankato | 0.5B | 10.9% | +41% |
| Pioneer Bank | 0.4B | 9.2% | +12% |
| Citizens Bank Minnesota | 0.3B | 7.5% | -0% |
| Frandsen Bank & Trust | 0.3B | 7.3% | +46% |
| U.S. Bank | 0.3B | 6.2% | -21% |
| First National Bank Minnesota | 0.2B | 4.9% | +22% |
| ProGrowth Bank | 0.2B | 4.6% | +189% |
| Alliance Bank | 0.2B | 3.9% | +13% |
| Minnstar Bank | 0.2B | 3.9% | +37% |
The 10 largest of 26 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 |
|---|---|---|---|---|
| Blue Earth County | Minnesota | $4,356M | 70,634 | 58.7% |
| Brown County | Minnesota | $1,540M | 25,517 | 20.8% |
| Nicollet County | Minnesota | $1,523M | 34,273 | 20.5% |
Recruiting in Mankato
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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