Bank deposits rising in North Dakota oil patchFARGO, N.D. (AP) — Bank deposits are soaring in North Dakota's booming western oil patch.
FARGO, N.D. (AP) — Bank deposits are soaring in North Dakota's booming western oil patch.
The Forum newspaper reports that deposits in nine counties in the Bakken formation have risen from $1.4 billion in 2007 to $3.2 billion this year, an increase of 128 percent. That compares with a 38 percent rise in Cass County in eastern North Dakota, the state's most populous county.
The Forum based its figures on reports from the Federal Deposit Insurance Corp.
Banks in the Bakken have added staff and ATMs and even opened new branches to keep up with the growth in deposits.