Rochester-Austin-Winona, MN holds $9.7 billion in deposits across 37 insured institutions and 108 branches, ranking #136 of 293 U.S. markets by economic output. Think Mutual Bank is the largest deposit holder at 15.7% share. The top three institutions hold 39.0% of deposits, which places the market in the fragmented band. Deposits have grown 14% since 2020 while the branch count fell by 7.
Deposit trend
Branches: 115 in 2020 to 108 in 2025. Institutions: 38 to 37. Top-three share: 42.0% to 39.0%. Deposits per branch: $89M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Think Mutual Bank | 1.5B | 15.7% | +16% |
| Wells Fargo Bank | 1.3B | 13.1% | -10% |
| Merchants Bank | 1.0B | 10.2% | +16% |
| U.S. Bank | 0.6B | 6.6% | -5% |
| Alerus Financial | 0.6B | 6.2% | new since 2020 |
| Old National Bank | 0.6B | 5.9% | new since 2020 |
| WNB FINANCIAL | 0.5B | 4.7% | +14% |
| Foresight Bank | 0.3B | 3.5% | +44% |
| Premier Bank Minnesota | 0.3B | 2.8% | new since 2020 |
| Peoples State Bank of Plainview | 0.3B | 2.7% | +32% |
The 10 largest of 37 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 |
|---|---|---|---|---|
| Olmsted County | Minnesota | $12,914M | 166,731 | 65.0% |
| Mower County | Minnesota | $2,377M | 40,971 | 12.0% |
| Winona County | Minnesota | $2,333M | 50,523 | 11.7% |
| Wabasha County | Minnesota | $825M | 21,537 | 4.2% |
| Dodge County | Minnesota | $765M | 21,376 | 3.9% |
| Fillmore County | Minnesota | $649M | 21,540 | 3.3% |
Recruiting in Rochester
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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