Market Intelligence

Rapid City-Spearfish, SD

Banking market profile · FDIC Summary of Deposits (SOD), June 30, 2026
Market Intelligence › Rapid City-Spearfish, SD

Rapid City-Spearfish, SD, a Combined Statistical Area, holds $4.9 billion in deposits across 13 insured institutions and 43 branches, and ranks #207 of 293 U.S. markets by economic output. First Interstate Bank is the largest deposit holder at 26.3% share. The top three banks hold 56% of deposits, which places the market in the Moderate band. Deposits have declined 8.0% since 2021 while the branch count fell by 6.5%.

Economic scale
2024 Real GDP
$9.1B
#207 of 293
Population
186K
#206 of 293
GDP per Capita
$48,811
#189 of 293
Deposit market
Deposits (SOD, 6/30/26)
$4.9B
#201 of 293
Deposits per Capita
$26,237
#161 of 293
Deposits per Branch
$114M
#131 of 293
Competitive structure
Insured Institutions
13
#221 of 293
Branches per 100k Pop.
23.1
#166 of 293
Median Deposits per Institution
$232M
The median deposits booked by a single institution in the market. #129 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
70.6%
of market deposits held by banks with $100M to $100B in assets. #111 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 Banks’ Deposit Share: Moderate
56%
The combined deposit share of the top three banks by deposits 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

Market Deposits (SOD, 2021 to 2026) -8.0% over 5 years
$5.3B
2021
$5.1B
2022
$4.5B
2023
$4.5B
2024
$4.7B
2025
$4.9B
2026

Branches: 46 in 2021 to 43 in 2026. Institutions: 12 to 13. Top-three share: 62% to 56%. Average deposits per branch: $114M.

Institutions by deposits

InstitutionDepositsShare Branches5‑yr
deposits
First Interstate Bank$1.3B26.3%14-7%
Wells Fargo Bank$834M17.0%5-48%
Pioneer Bank & Trust$624M12.8%5+1%
U.S. Bank$563M11.5%3-16%
Black Hills Community Bank$430M8.8%2+17%
Security First Bank$374M7.6%2+100%
Dacotah Bank$232M4.7%2+32%
First National Bank$195M4.0%3+26%
BankWest, Inc.$113M2.3%3+47%
Legends West Bank$107M2.2%1no 2021 presence
First National Bank in Philip$80M1.6%1+62%
First Western Federal Savings Bank$41M0.8%1-1%
Sundance State Bank$11M0.2%1no 2021 presence

The 13 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

CountyStateGDP PopulationShare of Market GDP Share of Market Deposits
Pennington CountySouth Dakota$6.4B116,79270.1%66.9%
Lawrence CountySouth Dakota$1.4B29,45915.5%20.1%
Meade CountySouth Dakota$1,000M30,71111.0%10.0%
Custer CountySouth Dakota$306M9,4313.4%3.0%

Recruiting in the Rapid City-Spearfish 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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