A bit more than half of New Mexicans make their home in the north-central urban area —Santa Fe and metro Albuquerque. More than half of New Mexicans’ money calls the City Different and the four-county metro home.
Numbers follow. That’s because the topic is banking, which is about money, which is expressed using numbers.
Specifically, the 216 branch banks in Santa Fe and metro Albuquerque accounted for 57 percent of the $28.3 billion deposited in the state’s 510 branch banks on June 30, reports the Federal Deposit Insurance Corporation.
The 63 banks operating in the state have 510 offices, or “banking centers,” or whatever today is the term for “branches.” The 216 urban branches are 42 percent of the branches. The other 28 counties make do with 294 branches.
Having fewer branches and a larger deposit total translates to more deposits per branch. In urban areas, branches average $74 million in deposits. For the rest of the state, it is $42 million per branch. The 40 branches in Lea and Eddy counties average $54 million each, an unsurprising reflection of that booming economy.
As one gets more and more rural, branch deposit totals drop, again no surprise. The three branches in Guadalupe County share just under $39 million in deposits, about $13 million each.