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Minnesota: Banks’ Economic Impact

Banks support Minnesota's economy with consumer, business and other loans, and by providing more than 51,000 people with a rewarding place to work.

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Jobs

Jobs

  • 51,495Employees

  • $6.8 BTotal Annual Compensation & Benefits

  • $131,963Average Total Compensation & Benefits

  • 241Banks Headquartered in State

Source: FDIC Call Report 2023Q4, Bureau of Labor Statistics 2023, ABA analysis

Lending

Lending

  • $15.6 BNew Home Loans Booked in 2023

  • 48,863Number of New Home Loans in 2023

  • $295,000Median New Home Loan Size in 2023

  • $10.1 BSmall Business Loans

  • 312.4 KNumber of Small Business Loans

  • $32,414Average Small Business Loan

  • $715.6 MSmall Farm Loans

  • 8,151Number of Small Farm Loans

  • $87,785Average Small Farm Loan

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

Customers

Customers

  • $299 BDeposits

  • 297Banks Operating Branches

  • 1,614Branches & Offices

  • 411Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2023Q4, CFE Fund, ABA analysis

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