Minneapolis-St. Paul, MN-WI holds $246.2 billion in deposits across 156 insured institutions and 871 branches, ranking #16 of 293 U.S. markets by economic output. U.S. Bank is the largest deposit holder at 39.2% share. The top three institutions hold 65.7% of deposits, which places the market in the concentrated band. Deposits have grown 7% since 2020 while the branch count fell by 28.
Deposit trend
Branches: 899 in 2020 to 871 in 2025. Institutions: 177 to 156. Top-three share: 69.4% to 65.7%. Deposits per branch: $283M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| U.S. Bank | 96.4B | 39.2% | +15% |
| Wells Fargo Bank | 42.7B | 17.4% | -36% |
| Ameriprise Bank | 22.5B | 9.1% | +324% |
| Old National Bank | 9.2B | 3.8% | +158% |
| The Huntington National Bank | 6.7B | 2.7% | new since 2020 |
| Bank of America | 5.2B | 2.1% | +12% |
| BMO Bank | 4.9B | 2.0% | -18% |
| Bell Bank | 4.4B | 1.8% | +120% |
| Bridgewater Bank | 4.3B | 1.7% | +87% |
| Choice Financial Group | 3.0B | 1.2% | +251% |
The 10 largest of 156 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 |
|---|---|---|---|---|
| Hennepin County | Minnesota | $155,026M | 1,284,784 | 49.4% |
| Ramsey County | Minnesota | $45,241M | 541,623 | 14.4% |
| Dakota County | Minnesota | $29,480M | 457,710 | 9.4% |
| Anoka County | Minnesota | $15,750M | 381,605 | 5.0% |
| Washington County | Minnesota | $13,126M | 286,895 | 4.2% |
| Stearns County | Minnesota | $9,690M | 164,110 | 3.1% |
| Scott County | Minnesota | $8,317M | 159,017 | 2.6% |
| Carver County | Minnesota | $5,972M | 114,379 | 1.9% |
| Wright County | Minnesota | $5,478M | 157,559 | 1.7% |
| St. Croix County | Wisconsin | $4,454M | 98,276 | 1.4% |
| Sherburne County | Minnesota | $3,695M | 104,194 | 1.2% |
| Rice County | Minnesota | $3,135M | 69,939 | 1.0% |
| Goodhue County | Minnesota | $2,997M | 48,195 | 1.0% |
| Steele County | Minnesota | $2,192M | 37,464 | 0.7% |
| McLeod County | Minnesota | $1,834M | 36,631 | 0.6% |
| Benton County | Minnesota | $1,782M | 41,744 | 0.6% |
| Chisago County | Minnesota | $1,721M | 59,142 | 0.5% |
| Isanti County | Minnesota | $1,219M | 44,386 | 0.4% |
| Pierce County | Wisconsin | $1,180M | 43,519 | 0.4% |
| Le Sueur County | Minnesota | $936M | 29,453 | 0.3% |
| Mille Lacs County | Minnesota | $889M | 27,753 | 0.3% |
Recruiting in Minneapolis
Deposits are held closely by the largest institutions, which often means the bankers worth recruiting are inside a small number of houses. 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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