America's Banks
Jump to Content

Minnesota: Banks’ Economic Impact

Banks support Minnesota's economy with consumer, business and other loans, and by providing more than 50,000 people with a rewarding place to work.

Find State-by-State Data #
Minnesota map icon


  • 50,819Employees

  • $5.8 BTotal Annual Compensation & Benefits

  • $113,699Average Total Compensation & Benefits

  • 268 Banks Headquartered in State

Veteran Suprise Collage

Military Spouse Gets a Big Surprise

Veteran Suprise Collage

U.S. Bank employees in Minneapolis participate in many meaningful community organizations. But perhaps none is as emotional as Proud to Serve Business Resource Group, a network of U.S. Bank employees focused on celebrating and honoring veterans, military service members and military families. At a Minnesota Twins baseball game, the group focused on one of their own, surprising product manager Sarah Jones with the return of her husband Dustin after a year-long deployment in Kuwait.

More stories on Jobs #

Source: FDIC branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis



  • $31.7 BNew Home Loans Booked in 2021

  • 115,515Number of New Home Loans in 2021

  • $215,000Median New Home Loan Size in 2021

  • $8.2 BSmall Business Loans

  • 490.5 KNumber of Small Business Loans

  • $16,655Average Small Business Loan

  • $2.1 BSmall Farm Loans

  • 30,425Number of Small Farm Loans

  • $74,988Average Small Farm Loan

Source: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis



  • 10.5 MCustomers

  • $283.1 BDeposits

  • 319Banks Operating Branches

  • 1,623Branches & Offices

  • 355Branches Offering Low Fee Bank On-certified Accounts

Good News During Difficult Times

Minnesota’s Lake Central Bank worked around the clock to serve customers during the COVID-19 pandemic—administering PPP loans to small businesses, and practicing safe procedures such as limiting lobby traffic and promoting digital banking. Bankers also took the time to uplift members of the community and remind them the bank is there for support with signs and positive messages.

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 657.9 KVolunteer Hours

  • $63.5 MCommunity Donations

Bell Bank Partners with Black Business in Minneapolis

Bell Bank partnered with Minneapolis entrepreneur Houston White to help the city’s Camdentown neighborhood flourish.

Source: Estimates based on ABA 2020/2021 survey data

Submit your bank's story

Submit your story