Salt Lake City-Provo-Orem, UT-ID, a Combined Statistical Area, 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 49.9% since 2020 while the branch count fell by 2.0%.
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: 404 in 2020 to 396 in 2025. Institutions: 52 to 60. Top-three share: 51.9% to 49.7%. Deposits per branch: $2.7B.
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% | no 2020 presence |
| JPMorgan Chase Bank | $23.8B | 2.2% | -16% |
| Sallie Mae Bank | $20.8B | 2.0% | -12% |
| Zions Bancorporation | $19.5B | 1.8% | +15% |
| Optum Bank, Inc. | $15.1B | 1.4% | +62% |
| Wells Fargo Bank | $11.1B | 1.0% | -18% |
| Comenity Capital Bank | $10.0B | 0.9% | +43% |
| LendingClub Bank | $9.3B | 0.9% | no 2020 presence |
| BMW Bank of North America | $8.0B | 0.8% | +3% |
| Merrick Bank | $7.0B | 0.7% | +123% |
| WEX Bank | $6.5B | 0.6% | +217% |
| Green Dot Bank DBA Bonneville Bank | $4.6B | 0.4% | +105% |
| KeyBank | $3.5B | 0.3% | -42% |
| U.S. Bank | $3.2B | 0.3% | +4% |
| Celtic Bank | $2.8B | 0.3% | +171% |
| Bank of Utah | $2.6B | 0.2% | +110% |
| Glacier Bank | $2.5B | 0.2% | +303% |
| Medallion Bank | $2.0B | 0.2% | +87% |
| WebBank | $1.7B | 0.2% | +270% |
| Central Bank | $1.6B | 0.2% | +46% |
| Nelnet Bank | $1.5B | 0.1% | no 2020 presence |
| Transportation Alliance Bank, Inc. d/b/a TAB Bank | $1.4B | 0.1% | +102% |
| Bank of America | $1.2B | 0.1% | -1% |
| Capital Community Bank | $973M | 0.1% | +160% |
| Prime Alliance Bank | $886M | 0.1% | +85% |
| First Utah Bank | $710M | 0.1% | +49% |
| The Pitney Bowes Bank, Inc. | $684M | 0.1% | +7% |
| FinWise Bank | $664M | 0.1% | +322% |
| Thrivent Bank | $641M | 0.1% | no 2020 presence |
| Washington Federal Bank | $542M | 0.1% | +8% |
| Cache Valley Bank | $502M | 0.0% | +156% |
| NBH Bank | $400M | 0.0% | +2,804% |
| Square Financial Services, Inc. | $371M | 0.0% | no 2020 presence |
| First Electronic Bank | $333M | 0.0% | +1,977% |
| Milestone Bank | $329M | 0.0% | +152% |
| Brighton Bank | $281M | 0.0% | +22% |
| BMO Bank | $228M | 0.0% | -17% |
| Sunwest Bank | $182M | 0.0% | +5,323% |
| D. L. Evans Bank | $171M | 0.0% | +390% |
| Varo Bank | $161M | 0.0% | no 2020 presence |
| Continental Bank | $144M | 0.0% | +17% |
| Grand Valley Bank | $116M | 0.0% | +8% |
| Home Savings Bank | $86M | 0.0% | -15% |
| Ireland Bank | $73M | 0.0% | +76% |
| Fortis Bank | $71M | 0.0% | no 2020 presence |
| Holladay Bank & Trust | $66M | 0.0% | +17% |
| Banterra Bank | $47M | 0.0% | no 2020 presence |
| MidFirst Bank | $33M | 0.0% | no 2020 presence |
| Northwest Bank | $29M | 0.0% | no 2020 presence |
| First American Trust, FSB | $28M | 0.0% | +64% |
| Umpqua Bank | $21M | 0.0% | no 2020 presence |
| Liberty Bank, Inc. | $8M | 0.0% | -14% |
| Stride Bank | $1M | 0.0% | -31% |
| Regions Bank | $0M | 0.0% | no 2020 presence |
The 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. 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 2020 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% | 96.5% |
| 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% | 0.2% |
| Box Elder County | Utah | $2.9B | 65,320 | 1.4% | 0.1% |
| 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.
See how we help banks recruit commercial banking talent