Salt Lake City-Provo-Orem, UT-ID holds $1,058.1 billion in deposits across 60 insured institutions and 396 branches, ranking #24 of 293 U.S. markets by economic output. Morgan Stanley Bank is the largest deposit holder at 18.2% share. The top three institutions hold 49.7% of deposits, which places the market in the moderate band. Deposits have grown 50% since 2020 while the branch count fell by 8.
Deposit trend
Branches: 404 in 2020 to 396 in 2025. Institutions: 52 to 60. Top-three share: 51.9% to 49.7%. Deposits per branch: $2,672M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Morgan Stanley Bank | 192.9B | 18.2% | +31% |
| American Express National Bank | 168.5B | 15.9% | +98% |
| Goldman Sachs Bank USA | 164.1B | 15.5% | +152% |
| Ally Bank | 151.3B | 14.3% | +13% |
| UBS Bank USA | 98.4B | 9.3% | +47% |
| Synchrony Bank | 84.8B | 8.0% | +27% |
| SoFi Bank | 29.6B | 2.8% | new since 2020 |
| JPMorgan Chase Bank | 23.8B | 2.2% | -16% |
| Sallie Mae Bank | 20.8B | 2.0% | -12% |
| Zions Bancorporation | 19.5B | 1.8% | +15% |
The 10 largest of 60 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 |
|---|---|---|---|---|
| Salt Lake County | Utah | $119,477M | 1,220,916 | 58.7% |
| Utah County | Utah | $38,928M | 759,859 | 19.1% |
| Davis County | Utah | $18,150M | 381,227 | 8.9% |
| Weber County | Utah | $14,326M | 278,174 | 7.0% |
| Summit County | Utah | $4,672M | 43,141 | 2.3% |
| Box Elder County | Utah | $2,895M | 65,320 | 1.4% |
| Tooele County | Utah | $2,491M | 87,461 | 1.2% |
| Wasatch County | Utah | $1,412M | 38,514 | 0.7% |
| Juab County | Utah | $689M | 13,567 | 0.3% |
| Morgan County | Utah | $421M | 13,383 | 0.2% |
| Oneida County | Idaho | $149M | 5,085 | 0.1% |
Recruiting in Salt Lake City
Deposits are neither closely held nor widely dispersed, which usually leaves room for a well-led team to take share without competing head-on with a dominant holder. 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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