Sioux Falls, SD-MN holds $894.3 billion in deposits across 42 insured institutions and 139 branches, ranking #114 of 293 U.S. markets by economic output. Citibank is the largest deposit holder at 58.4% share. The top three institutions hold 97.9% of deposits, which places the market in the concentrated band. Deposits have grown 16% since 2020 while the branch count fell by 8.
Deposit trend
Branches: 147 in 2020 to 139 in 2025. Institutions: 39 to 42. Top-three share: 98.8% to 97.9%. Deposits per branch: $6,434M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Citibank | 522.3B | 58.4% | +33% |
| Wells Fargo Bank | 345.3B | 38.6% | -5% |
| The Bancorp Bank | 7.8B | 0.9% | new since 2020 |
| Pathward | 6.0B | 0.7% | -21% |
| First PREMIER Bank | 2.3B | 0.2% | +7% |
| Sunrise Banks | 1.5B | 0.2% | new since 2020 |
| The First National Bank in Sioux Falls | 1.5B | 0.2% | +37% |
| First Bank & Trust | 1.1B | 0.1% | new since 2020 |
| First Interstate Bank | 1.1B | 0.1% | new since 2020 |
| First Dakota National Bank | 1.0B | 0.1% | +55% |
The 10 largest of 42 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 |
|---|---|---|---|---|
| Minnehaha County | South Dakota | $16,630M | 212,691 | 67.2% |
| Lincoln County | South Dakota | $6,558M | 77,145 | 26.5% |
| Rock County | Minnesota | $779M | 9,524 | 3.1% |
| Turner County | South Dakota | $466M | 9,314 | 1.9% |
| McCook County | South Dakota | $309M | 5,964 | 1.3% |
Recruiting in Sioux Falls
Deposits are held closely by the largest institutions, which often means the bankers worth recruiting are inside a small number of houses. 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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