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Minnesota: Banks’ Economic Impact

Banks support Minnesota's economy with consumer, business and other loans, and by providing more than 49,000 people with a rewarding place to work.

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Jobs

Jobs

  • 49,999Employees

  • $6.8 BillionTotal Annual Compensation & Benefits

  • $135,243Average Total Compensation & Benefits

  • 233Banks Headquartered in State

Source: FDIC Call Report 2024Q4, Bureau of Labor Statistics 2024, ABA analysis

Lending

Lending

  • $16.4 BillionNew Home Loans Booked in 2024

  • 50,037Number of New Home Loans in 2024

  • $305,000Median New Home Loan Size in 2024

  • $10.1 BillionSmall Business Loans

  • 313 ThousandNumber of Small Business Loans

  • $32,406Average Small Business Loan

  • $726.5 MillionSmall Farm Loans

  • 8,352Number of Small Farm Loans

  • $86,983Average Small Farm Loan

Source: FFIEC HMDA 2024, FFIEC CRA 2023, FDIC Call Report 2024Q4, ABA analysis

Customers

Customers

  • $311 BillionDeposits

  • 290Banks Operating Branches

  • 1,594Branches & Offices

  • 418Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2024Q2, CFE Fund, ABA analysis

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