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Minnesota: Banks’ Economic Impact

Banks support Minnesota’s economy with consumer, business and other loans, and by providing more than 54,000 people with a rewarding place to work.

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  • 54,503Employees

  • $6.6 BTotal Annual Compensation & Benefits

  • $121,167Average Total Compensation & Benefits

  • 256Banks 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 Call Report 2022Q4, Bureau of Labor Statistics 2022, ABA analysis



  • $20.3 BNew Home Loans Booked in 2022

  • 63,330Number of New Home Loans in 2022

  • $295,000Median New Home Loan Size in 2022

  • $9.3 BSmall Business Loans

  • 361.1 KNumber of Small Business Loans

  • $25,633Average Small Business Loan

  • $705.6 MSmall Farm Loans

  • 8,141Number of Small Farm Loans

  • $86,673Average Small Farm Loan

Source: FFIEC HMDA 2022, FFIEC CRA 2021, FDIC Call Report 2022Q4, ABA analysis



  • $296 BDeposits

  • 316Banks Operating Branches

  • 1,624Branches & Offices

  • 381Branches 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.

Source: FDIC Summary of Deposits 2022Q2, CFE Fund, ABA analysis

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