The Minnesota Banking Industry is Vital to our State’s Economic Well-Being
Minnesota Banks Facilitate Commerce
Our banks facilitate billions in payments annually. Confidence that these payments will be honored allows for the efficient flow of commerce in our state and across the nation.
Minnesota Banks Finance the Gopher State
Our banks hold billions in loans not including the billions in mortgage, credit card, auto and commercial loans that Minnesota banks originate and sell to the secondary market annually.
Minnesota Banks Make Public Improvements
Our banks hold millions in municipal bonds and in loans to local governments to make public improvements.
Minnesota Banks Invest in Convenience and Security
Our banks provide thousands of physical and electronic banking locations for consumers. Mobile, telephone and internet banking allow customers 24/7 access to their funds. The protection of customer information is of paramount importance to banks. Banks invest heavily in systems to combat fraud.
Minnesota Banks Provide a Safe Place to Store Wealth
Our banks safely store over $250 billion in deposits – and pay FDIC insurance premiums to guarantee coverage up to $250,000 per deposit account to ensure customer deposits are secure.
Minnesota Banks Contribute to the Economy
Our banks employ more than 50,000 people and pay billions in federal, state and local income taxes every year.
Minnesota Banks Help with Homeownership
Minnesota has the second highest homeownership rate in the country, as of the 2010 census. Minnesota’s homeownership rate is 73.3%, much higher than the national rate of 65.5%. Minnesotans also have a much lower rate of serious delinquencies in the third quarter of 2012 at 2.30%, compared to a national rate of 4.65%.