The state of Minnesota is home to 185 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 265 of these banks are headquartered in the state and therefore can be considered Minnesota-based banks. Banks operating within the state had in total $107 billion of assets, $93 billion of deposits and $59 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Minnesota, residential mortgages made up 11% of the assets managed by these banks. In addition to this, these banks in total employ 13,144 people within the state. This represents 0.2% of the population.

Density of Banks in Minnesota

Banks in Minnesota currently have a total of 1,623 branches located within the state. This equates to 2.9 branches per 10,000 people in Minnesota.  Comparing the banks in Minnesota to banks operating in other states on this measure, Minnesota ranks 26th out of 52 states and territories in terms of branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in Minnesota had on average 2.0 branches per 100 square miles. As a result, Minnesota ranks 36th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in Minnesota

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  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in Minnesota is ranked 21st out of the 52 states and main territories in the country.
  • Return on Assets – banks in the state of Minnesota are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Minnesota is ranked 23rd out of the 52 states and main territories in the United States.
  • Return on Equity – banks in this state on average have a higher return on equity than the national average. Overall, the Return on Equity for banks in Minnesota is ranked 16th out of the 52 states and main territories in the country.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Minnesota are ranked 35th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average better than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Minnesota are ranked 24th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Minnesota

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Based on the latest available data, U.S. Bank  is the largest bank operating in Minnesota based on its deposit share. U.S. Bank  currently has a 28% share of deposits within the state. Below is summary information on the top 5 largest banks in Minnesota.

U.S. Bank 

U.S. Bank  currently has the largest share of deposits within the state and has $79.2 billion of deposits. In addition to this the bank also has 119 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 425 Walnut St. Cincinnati, OH 45202

Website: www.usbank.com

Wells Fargo Bank

Wells Fargo Bank currently has the second largest share of deposits within the state and has $75.4 billion of deposits. The bank also has 137 offices within the state, which represents 3% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com

Bremer Bank

Bremer Bank currently has the third largest share of deposits within the state and has $10.5 billion of deposits. The bank also has 54 offices within the state, which represents 69% of its total domestic offices.

Main Office Address: 372 Saint Peter St. Saint Paul, MN 55102

Website: www.bremer.com

Ameriprise Bank, FSB

Ameriprise Bank, FSB currently has the fourth largest share of deposits within the state and has $8.7 billion of deposits. Further, the bank also has 2 offices within the state, which represents 100% of its total domestic offices.

Main Office Address: 707 2nd Ave. S. Minneapolis, MN 55402

Website: http://www.ameriprise.com

Bmo Harris Bank 

Bmo Harris Bank  currently has the fifth largest share of deposits within the state and has $7.8 billion of deposits. In addition, the bank also has 24 offices within the state, which represents 4% of its total domestic offices.

Main Office Address: 111 W. Monroe St. Chicago, IL 60603

Website: http://www.bmoharris.com