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Minnesota: Banks’ Economic Impact

Banks support Minnesota’s economy with consumer, business and other loans, and by providing more than 58,000 people with a rewarding place to work.

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Jobs

Jobs

  • 58,134Employees

  • $5.4 BTotal Annual Compensation & Benefits

  • $93,077Average Total Compensation & Benefits

  • 292Banks 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.

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Source: FDIC branch deposit data (2020), estimates based on ABA 2020/2021 survey data

Lending

Lending

  • $33 BNew Home Loans Booked in 2020

  • 127,356Number of New Home Loans in 2020

  • $215,000Median New Home Loan Size in 2020

  • $10.8 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 91,732PPP Loans

  • $23,533Median PPP Loan

  • 1.1 MJobs Supported by PPP

Source: Estimates based on ABA 2020/2021 survey data, HMDA, SBA PPP Loans

Customers

Customers

  • 5.4 MCustomers

  • $273 BDeposits

  • 330Banks Operating Branches

  • 1,656Branches & Offices

  • 336Branches 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: Estimates based on ABA 2020/2021 survey data, FDIC branch deposit data, CFE Fund and S&P Global Market Intelligence

Giving Back

Giving Back

  • 657.9 KVolunteer Hours

  • $63.5 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 2020/2021 survey data

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