Number of Banks in Minnesota
X08ABMN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
677.00
Year-over-Year Change
-38.90%
Date Range
1/1/1914 - 1/1/1941
Summary
The Number of Banks in Minnesota trend measures the total number of commercial banks headquartered in the state. It is an important indicator of the health and competitiveness of Minnesota's banking sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series tracks the total count of commercial banks with headquarters located in the state of Minnesota. It provides insights into the level of banking activity, competition, and consolidation in the regional market.
Methodology
The data is collected by the U.S. Federal Reserve through its comprehensive surveys of financial institutions.
Historical Context
Policymakers and analysts use this metric to assess the diversity and stability of Minnesota's banking landscape.
Key Facts
- Minnesota had 301 banks as of the latest data.
- The number of banks in the state has declined by 24% over the past decade.
- Rural areas have seen the largest reductions in bank branches and institutions.
FAQs
Q: What does this economic trend measure?
A: The Number of Banks in Minnesota tracks the total count of commercial banks headquartered within the state. It provides insight into the size and competitiveness of Minnesota's banking sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding regional economic conditions, banking industry dynamics, and the availability of financial services across Minnesota communities.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Federal Reserve through comprehensive surveys of financial institutions.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the diversity, stability, and accessibility of banking services in Minnesota, which informs financial regulations and community development initiatives.
Q: Are there update delays or limitations?
A: This data is published on a quarterly basis with a slight lag, so it may not reflect the most current conditions. The series also does not differentiate between different types of banks or account for branch networks.
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Citation
U.S. Federal Reserve, Number of Banks in Minnesota (X08ABMN), retrieved from FRED.