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Banking in the Duluth Area
Duluth, Minnesota, is the largest city in northern Minnesota and is located on the banks of Lake Superior. Right across the lake is Superior, Wisconsin, which, along with Duluth and several other cities, makes up a metropolitan area of almost 300,000 people. Although it has been and remains a major Great Lakes port city, Duluth's main claim to fame is the tremendous amount of iron ore and other minerals in the area, which drove the city's growth in the 19th and 20th centuries.
Though Duluth is not as large or as economically important as it once was, it still has a strong banking industry. There are more than 30 banks and 40 credit unions with headquarters in the Duluth area. Among the more notable are Members Cooperative Credit Union, American Bank of the North, National Bank of Commerce, and Republic Bank Inc. The oldest bank still operating is The Lake Bank, which was established in 1889. More than two dozen other banks, including Wells Fargo, also operate in the Duluth area, giving it approximately 60 banks and 45 credit unions with about 270 total branches.