The Ninth District
The Minneapolis Fed, with one branch in Helena, Montana, serves the six states of the Ninth Federal Reserve District: Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.*
The Ninth District stretches 1,800 miles from east to west. It covers 409,291 square miles and is home to about 9 million people. Although 12 percent of the nation's land is in the Ninth District, only 3 percent of the nation's population resides here.
Ninth District Economy
The Ninth Federal Reserve District has a diverse economy, from mining to tourism to agriculture and technology.
- In the Rocky Mountains at the western end of the district, tourism,
timber and metal mining are important industries.
- In the center of the district, wheat farming, ranching and energy
mining dominate. Approximately 31 percent of the nation's wheat is produced
- The district's southeast corner is part of the Northern Corn Belt.
In addition to corn and soybean farming, light manufacturing is a principal
activity. Approximately 20 percent of the nation's corn is produced
- At the eastern end of the district is Minneapolis/St. Paul, the nation's
16th largest metropolitan area. It is an important education and high
technology manufacturing center as well as the district's largest trade
and service center.
- The far eastern end of the district is part of the Upper Great Lakes,
where tourism, timber, dairy farming and metal mining are dominant industries.
This region produces over 90 percent of the nation's iron ore.
Ninth District Banks
The Minneapolis Fed supervises and regulates bank holding companies and state-chartered member banks in the Ninth District.
- At year-end 2007 there were 760 commercial banks in the Ninth Federal Reserve District (includes credit card banks which are defined as institutions with 50 percent or more of their loans in credit cards). During 2007, 18 commercial banks in the Ninth District were merged into other entities. Nine new bank charters were issued in 2007 and no banks failed in the Ninth District.
- The distribution of banks by state in the Ninth Federal Reserve District is: Minnesota 418 (55 percent); Montana 76 (10 percent); North Dakota 96 (13 percent); South Dakota 85 (11 percent); northwestern Wisconsin 63 (8 percent); and the Upper Peninsula of Michigan 22 (3 percent). At year end, Ninth District regulated 602 bank holding companies.
- Ten percent of the Ninth District's banks have less than $25 million in assets. Sixty-four percent have between $25 and $150 million, and 26 percent of the district's banks have greater than $150 million in assets.
Central Bank Services
The Federal Reserve Banks provide financial services to depository institutions
including banks, credit unions, and savings and loans, much like those that banks provide for their customers. These services include collecting checks, electronically transferring funds, and distributing and receiving cash and coin.