Hard to know honestly. My personal (non-expert) opinion is that the assets are the less important attribute. The more important attribute is the small size and

Hard to know honestly. My personal (non-expert) opinion is that the assets are the less important attribute. The more important attribute is the small size and high uniformity of the state population and the industry mix of the state. That makes the policy decisions for bnd less contentious and non-competitive which allows it to do things other bigger states might not be able to do with a state bank. The asset size seems incidental to the population size. But perhaps not.