BISMARCK, N.D. (KFYR) – It’s an ongoing joke: North Dakota has a lot of banks.
But while the state does have a lot of places to bank, it’s a little more complicated than that.
North Dakota ranks second in the country for bank branches per person. Meanwhile, there are areas across the country where the number of banks is diminishing.
According to the president and CEO of the North Dakota Bankers Association, Rick Clayburgh, a lot of that has to do with regulatory and economic pressures.
The state has about 70 banks operating here with about 390 full-service bank branches. These are locations that can belong to banks headquartered here or somewhere else.
“I think it’s more unique in rural America more than anything. Because how important it is to be able to serve a community in a rural, very rural, large geographic state,” Clayburgh said.
Clayburgh said that North Dakota’s ability to maintain that stability is vital for the entire state, especially for rural communities. He notes how banks can become a “financial heartbeat” for small communities by supporting things like their local athletic programs and community events.
“To see a strong healthy community means there’s generally a strong, healthy bank in that community. And the bank branches help that because, it is again, those local banks across North Dakota who are helping support those communities,” Clayburgh said.
Clayburgh said North Dakotans may be right about seeing a lot of banks, but what they’re seeing is a high number of branches for the state’s population.
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