Federal Reserve Bank of Minneapolis

Banking 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.