Spencer-Spirit Lake, IA, a Combined Statistical Area, holds $2.4 billion in deposits across 13 insured institutions and 26 branches, ranking #290 of 293 U.S. markets by economic output. Northwest Bank is the largest deposit holder at 24.4% share. The top three institutions hold 59.4% of deposits, which places the market in the moderate band. Deposits have grown 27.1% since 2020 with the branch count unchanged.
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: 26 in 2020 to 26 in 2025. Institutions: 13 to 13. Top-three share: 60.0% to 59.4%. Deposits per branch: $94M.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Northwest Bank | $0.6B | 24.4% | +20% |
| Farmers Trust and Savings Bank | $0.5B | 21.4% | +23% |
| Bank Midwest | $0.3B | 13.6% | +43% |
| Central Bank | $0.2B | 7.9% | +57% |
| United Community Bank | $0.2B | 6.7% | +11% |
| Farmers Savings Bank | $0.2B | 6.6% | +50% |
| Community State Bank | $0.1B | 5.8% | +27% |
| Savings Bank | $0.1B | 3.3% | +48% |
| The State Bank | $0.1B | 3.2% | +25% |
| State Bank | $0.1B | 2.8% | +1% |
| Home State Bank | $44M | 1.8% | +51% |
| U.S. Bank | $41M | 1.7% | +9% |
| Liberty National Bank | $17M | 0.7% | -39% |
The 13 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. Even so, a large gain can reflect acquisition rather than organic growth; “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 | |
|---|---|---|---|---|---|
| Clay County | Iowa | $1.2B | 16,202 | 50.0% | 47.1% |
| Dickinson County | Iowa | $1.2B | 18,077 | 50.0% | 52.9% |
Recruiting in the Spencer-Spirit Lake 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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