Market Intelligence

Sioux Falls, SD-MN

Banking market profile · FDIC Summary of Deposits (SOD), June 30, 2026
Market Intelligence › Sioux Falls, SD-MN

Sioux Falls, SD-MN, a Metropolitan Statistical Area, holds $1,127.8 billion in deposits across 42 insured institutions and 139 branches, and ranks #114 of 293 U.S. markets by economic output. Citibank is the largest deposit holder at 56.5% share. The top three banks hold 98% of deposits, which places the market in the Concentrated band. Deposits have grown 73.3% since 2021 while the branch count rose by 0.7%.

Economic scale
2024 Real GDP
$24.7B
#114 of 293
Population
315K
#145 of 293
GDP per Capita
$78,636
#12 of 293
Deposit market
Deposits (SOD, 6/30/26)
$1,127.8B
#3 of 293
Deposits per Capita
$3,584,431
#1 of 293
Deposits per Branch
$8.1B
#1 of 293
Competitive structure
Insured Institutions
42
#50 of 293
Branches per 100k Pop.
44.2
#12 of 293
Median Deposits per Institution
$133M
The median deposits booked by a single institution in the market. #241 of 293. A lower figure means institutions typically hold smaller deposit positions here; it reflects local deposit presence, not an institution’s overall size. See Community & Regional Bank Share for institution scale.
Community & Regional Bank Share
2.4%
of market deposits held by banks with $100M to $100B in assets. #293 of 293. A higher share points to a market where small to mid-size institutions, the kind that compete on relationships and local decision-making, hold more ground.
Top-3 Banks’ Deposit Share: Concentrated
98%
The combined deposit share of the top three banks by deposits in the market. A lower share means deposits are spread across more institutions.

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

Market Deposits (SOD, 2021 to 2026) +73.3% over 5 years
$650.9B
2021
$690.4B
2022
$772.1B
2023
$842.2B
2024
$894.3B
2025
$1,128B
2026
Most of this change traces to two institutions, Wells Fargo Bank and Citibank, rather than to broad market growth. Large single-institution changes usually reflect where balances are booked, following a merger, acquisition, or internal reorganization, rather than lending or deposit-gathering in the local economy. Read this trend with that in mind.

Branches: 138 in 2021 to 139 in 2026. Institutions: 40 to 42. Top-three share: 98% to 98%. Average deposits per branch: $8.1B.

Institutions by deposits

InstitutionDepositsShare Branches5‑yr
deposits
Citibank$637.7B56.5%2+66%
Wells Fargo Bank$462.5B41.0%9+85%
The Bancorp Bank$7.5B0.7%1no 2021 presence
Pathward$6.0B0.5%1+1%
First PREMIER Bank$2.6B0.2%6+7%
Sunrise Banks$1.7B0.2%2no 2021 presence
The First National Bank in Sioux Falls$1.7B0.1%17+35%
First Dakota National Bank$1.2B0.1%6+56%
First Bank & Trust$1.1B0.1%5+39%
First Interstate Bank$1.0B0.1%12-12%
U.S. Bank$832M0.1%6+5%
American Bank & Trust$460M<0.1%6+87%
Plains Commerce Bank$409M<0.1%3+35%
Dacotah Bank$303M<0.1%4+37%
Security Savings Bank$279M<0.1%4+25%
Central Bank$268M<0.1%4+115%
Minnwest Bank$254M<0.1%4+2%
CorTrust Bank$253M<0.1%5+27%
One American Bank$232M<0.1%3+31%
Reliabank Dakota$186M<0.1%5+73%
Rivers Edge Bank$160M<0.1%3+47%
Security National Bank of South Dakota$105M<0.1%2-7%
Liberty National Bank$105M<0.1%2+3%
First International Bank & Trust$98M<0.1%1no 2021 presence
Security Bank Midwest$96M<0.1%3+41%
JPMorgan Chase Bank$84M<0.1%4no 2021 presence
First Farmers & Merchants National Bank$76M<0.1%1+4%
Merchants State Bank$74M<0.1%2+5%
Frontier Bank$69M<0.1%2-19%
Farmers State Bank of Canton$68M<0.1%1+46%
Bank Midwest$60M<0.1%1+74%
Quoin Financial Bank$57M<0.1%1+77%
American State Bank$55M<0.1%1+34%
First Savings Bank$45M<0.1%2+29%
Peoples Bank$45M<0.1%1no 2021 presence
Cornerstone Bank$40M<0.1%1+19%
First Western Bank & Trust$30M<0.1%1no 2021 presence
Premier Bank$29M<0.1%1+8%
Security State Bank$20M<0.1%1-41%
The Security State Bank$20M<0.1%1-8%
First State Bank Southwest$10M<0.1%1no 2021 presence
Heritage Bank$6M<0.1%1+1%

The 42 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

CountyStateGDP PopulationShare of Market GDP Share of Market Deposits
Minnehaha CountySouth Dakota$16.6B212,69167.2%42.5%
Lincoln CountySouth Dakota$6.6B77,14526.5%57.4%
Rock CountyMinnesota$779M9,5243.1%0.0%
Turner CountySouth Dakota$466M9,3141.9%0.0%
McCook CountySouth Dakota$309M5,9641.3%0.0%

Recruiting in the Sioux Falls market

Deposits are held closely by the largest banks, which often means the bankers worth recruiting are inside a small number of institutions. 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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Other markets in Minnesota and South Dakota

All 293 markets and the 1,523 counties with a branch within a CSA or MSA are covered in the Market Intelligence resource. See the methodology for how each figure is built and when to expect updates, or the disclaimer for how this data should, and should not, be read.