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Minnesota: Banks’ Economic Impact

Banks support Minnesota’s economy with consumer, business and other loans, and by providing more than 57,000 people with a rewarding place to work.

Find State-by-State Data #
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  • 57,895Employees

  • $4.8 BTotal Annual Compensation & Benefits

  • $82,812Average Total Compensation & Benefits

  • 281Banks 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: Estimates based on ABA 2019/2020 survey data



  • $7.1 BSmall Business Loans Outstanding

  • $17.4 BNew Home Loans Booked in 2018

  • 76,961Number of New Home Loans in 2018

  • $165,000Median New Home Loan Size in 2018

  • $2.1 BSmall Farm Loans Outstanding

Source: Estimates based on ABA 2019/2020 survey data, HMDA



  • 5.4 MTotal Customers

  • $236.2 BDeposits

  • 4.4 MConsumer

  • 1 MSmall Business

  • 522.1 KSmall Farm

  • 339Banks Operating Branches

  • 1,667Branches & Offices

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.

Source: Estimates based on ABA 2019/2020 survey data, FDIC branch deposit data

Giving Back

Giving Back

  • 829 KVolunteer hours

  • $46.7 MCommunity Donations

A Major Commitment to Keep a Community Reading

Harvest Bank in Minnesota came through for one very small town, so it could continue an important community tradition: A quality library it could be proud of.

Source: Estimates based on ABA 2019/2020 survey data. Does not include individual employee donations.

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