Salt Lake City-Provo-Orem, UT-ID, a Combined Statistical Area, holds $1,216.2 billion in deposits across 64 insured institutions and 408 branches, and ranks #24 of 293 U.S. markets by economic output. Morgan Stanley Bank is the largest deposit holder at 22.1% share. The top three banks hold 52% of deposits, which places the market in the Moderate band. Deposits have grown 60.4% since 2021 while the branch count rose by 2.8%.
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
Branches: 397 in 2021 to 408 in 2026. Institutions: 56 to 64. Top-three share: 50% to 52%. Average deposits per branch: $3.0B.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Morgan Stanley Bank | $268.8B | 22.1% | +77% |
| Goldman Sachs Bank USA | $194.1B | 16.0% | +165% |
| American Express National Bank | $171.6B | 14.1% | +102% |
| Ally Bank | $156.6B | 12.9% | +10% |
| UBS Bank USA | $109.3B | 9.0% | +27% |
| Synchrony Bank | $86.0B | 7.1% | +40% |
| SoFi Bank | $46.6B | 3.8% | no 2021 presence |
| JPMorgan Chase Bank | $26.6B | 2.2% | -23% |
| Sallie Mae Bank | $20.3B | 1.7% | -6% |
| Zions Bancorporation | $19.1B | 1.6% | -3% |
| Optum Bank, Inc. | $16.5B | 1.4% | +43% |
| Wells Fargo Bank | $11.4B | 0.9% | -20% |
| Comenity Capital Bank | $11.0B | 0.9% | +71% |
| Happen Bank | $10.9B | 0.9% | +327% |
| BMW Bank of North America | $9.5B | 0.8% | +27% |
| WEX Bank | $7.9B | 0.6% | +211% |
| Merrick Bank | $7.4B | 0.6% | +139% |
| Green Dot Bank DBA Bonneville Bank | $5.0B | 0.4% | +60% |
| Celtic Bank | $3.9B | 0.3% | +345% |
| KeyBank | $3.7B | 0.3% | -41% |
| U.S. Bank | $3.5B | 0.3% | -8% |
| Bank of Utah | $2.8B | 0.2% | +76% |
| Nelnet Bank | $2.5B | 0.2% | +737% |
| Glacier Bank | $2.4B | 0.2% | -26% |
| Medallion Bank | $2.3B | 0.2% | +99% |
| WebBank | $2.3B | 0.2% | +451% |
| Central Bank | $1.8B | 0.1% | +29% |
| Transportation Alliance Bank, Inc. d/b/a TAB Bank | $1.4B | 0.1% | +63% |
| Quill Bank | $1.3B | 0.1% | +225% |
| Bank of America | $1.2B | 0.1% | -27% |
| Prime Alliance Bank | $966M | 0.1% | +123% |
| FinWise Bank | $723M | 0.1% | +256% |
| First Utah Bank | $689M | 0.1% | +24% |
| The Pitney Bowes Bank, Inc. | $676M | 0.1% | +3% |
| Cache Valley Bank | $601M | <0.1% | -40% |
| Square Financial Services, Inc. | $559M | <0.1% | +954% |
| Thrivent Bank | $548M | <0.1% | no 2021 presence |
| WaFd Bank | $470M | <0.1% | -48% |
| NBH Bank | $400M | <0.1% | -37% |
| BMO Bank | $324M | <0.1% | -2% |
| UMB Bank | $319M | <0.1% | no 2021 presence |
| First Electronic Bank | $286M | <0.1% | +467% |
| Milestone Bank | $283M | <0.1% | +127% |
| Brighton Bank | $279M | <0.1% | +10% |
| Varo Bank | $210M | <0.1% | +38% |
| Sunwest Bank | $200M | <0.1% | +1,331% |
| Axos Bank | $162M | <0.1% | no 2021 presence |
| D. L. Evans Bank | $141M | <0.1% | +128% |
| Continental Bank | $141M | <0.1% | -43% |
| Grand Valley Bank | $117M | <0.1% | -12% |
| Fortis Bank | $80M | <0.1% | no 2021 presence |
| Home Savings Bank | $76M | <0.1% | -15% |
| Ireland Bank | $74M | <0.1% | +49% |
| B2 Bank | $73M | <0.1% | no 2021 presence |
| First American Trust, FSB | $69M | <0.1% | +235% |
| Redemption Bank | $63M | <0.1% | +7% |
| Banterra Bank | $47M | <0.1% | no 2021 presence |
| MidFirst Bank | $44M | <0.1% | no 2021 presence |
| Columbia Bank | $32M | <0.1% | no 2021 presence |
| Northwest Bank | $26M | <0.1% | no 2021 presence |
| Liberty Bank, Inc. | $7M | <0.1% | -32% |
| Stride Bank | $2M | <0.1% | +72% |
| Regions Bank | $0M | 0.0% | -100% |
| Column | $0M | 0.0% | no 2021 presence |
The 64 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
| County | State | GDP | Population | Share of Market GDP | |
|---|---|---|---|---|---|
| Salt Lake County | Utah | $119.5B | 1,220,916 | 58.7% | 96.6% |
| Utah County | Utah | $38.9B | 759,859 | 19.1% | 2.3% |
| Davis County | Utah | $18.1B | 381,227 | 8.9% | 0.4% |
| Weber County | Utah | $14.3B | 278,174 | 7.0% | 0.4% |
| Summit County | Utah | $4.7B | 43,141 | 2.3% | 0.1% |
| Box Elder County | Utah | $2.9B | 65,320 | 1.4% | 0.0% |
| Tooele County | Utah | $2.5B | 87,461 | 1.2% | 0.0% |
| Wasatch County | Utah | $1.4B | 38,514 | 0.7% | 0.0% |
| Juab County | Utah | $689M | 13,567 | 0.3% | 0.0% |
| Morgan County | Utah | $421M | 13,383 | 0.2% | 0.0% |
| Oneida County | Idaho | $149M | 5,085 | 0.1% | 0.0% |
Recruiting in the Salt Lake City-Provo-Orem 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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