Financial and Insurance Services in Minnesota

Banking & Brokers

Minnesota is one of the nation’s leading financial centers, offering banking, insurance, securities and investment services from some of the most stable and trusted institutions in the country.

Minnesota had 367 commercial banks in late 2011, ranking third nationwide, according to the Federal Deposit Insurance Corporation, These banks had combined assets of $56.5 billion. Overall, Minneapolis-St. Paul had the fourth highest concentration of banks in 2011.

Top companies headquartered here provide a variety of banking, credit union, investment and related services.

U.S. Bancorp, Twin Cities Federal (TCF), Bremer Financial Corp., Minnwest Corporation, KleinBank, Think Mutual Bank. Headquartered elsewhere, Wells Fargo is the eighth-largest employer in Minnesota with 20,000 employees.

SBA Lending
U.S. Bank SBA Division, Wells Fargo SBA Lending, Bremer Financial Services, Minnesota Business Finance Corp. and Anchor Bank. The state ranks 11th nationwide in SBA approved loans in 2011 with $712 million.

Credit Unions
Wings Financial Credit Union, Affinity Plus Credit Union, U.S. Federal Credit Union, Highway Federal Credit Union, TruStone Financial.

Credit Services
Fair Isaac, Green Tree Servicing, Residential Capital Corp., Educational Credit Management Corp. 

From investment banks to asset management, companies operating or headquartered in Minnesota offer all manner of securities and financial investment services. Here are the top firms:

Investment Banking
Piper Jaffray, U.S. Bank.

Asset Management
Wells Fargo Private Bank (formerly Wells Fargo Wealth Management), U.S. Bancorp, Galliard Capital Management, RBC Global Asset Management, Thrivent Financial for Lutherans, The Clifton Group, Advantus Capital Management Inc. and Wells Fargo Family Wealth. Headquartered elsewhere, Merrill Lynch & Co. also offer asset management services in the Twin Cities.

Securities Brokers
Ameriprise Financial, RBC Wealth Management, Piper Jaffray Cos., AXA Advisors, Securian Financial Services, Woodbury Financial Services, Thrivent Investment Management, Principal Financial Group and U.S. Bancorp Investments Inc.


Minnesota is home to some of the largest companies in the nation providing insurance services, according to Fortune 500: UnitedHealth Group, Thrivent Financial for Lutherans and Ameriprise Financial. Overall, financial institutions in the state offer the whole spectrum of insurance services:

Health Insurance Companies
UnitedHealth Group, Blue Cross and Blue Shield of Minnesota, HealthPartners, Medica, UCare Minnesota.

Life Insurance Companies
Thrivent Financial for Lutherans, Ameriprise Financial, Securian Financial Group (Minnesota Life), Allianz Life Insurance of North America.

Property and Casualty Insurance Companies
Federated Insurance, Western National Mutual. Other important insurance companies with major operations in Minnesota include Travelers, Allstate, Hartford Life, Liberty Mutual, Prudential, State Farm and American Family Insurance.

Venture Capital

Minnesota companies receive some of the highest venture capital investments in the Midwest.

In 2011, Minnesota firms received $286 million in venture capital investments, ranking second in the Midwest area and 14th nationwide.

Life science industries (medical devices, biotechnology and health care services) attracted approximately 80 percent of venture capital investments in the state.

Minnesota businesses receive venture capital from national and local sources. In 2010, the largest share of venture capital invested in the state (31 percent) came from California. Minnesota venture capital companies invested 11 percent in the state.

Top Minnesota Venture Capital Firms
Oak Investments Partners, Split Rock Partners, Vesbridge Partners, Thomas McNerney & Partners.

Angel Tax Credit
Minnesota's Angel Tax Credit provides incentives to investors or investment funds that put money into startup and emerging companies focused on high technology or new proprietary technology. Non-Minnesota residents, including residents of foreign countries, are eligible for the credit. See more about the Angel Tax Credit.


In 2010, nearly 133,740 people worked in the financial and insurance industries in Minnesota, ranking 12th nationwide. About 80 percent were employed in Minneapolis-St. Paul.

Between 2000 and 2010, the financial and insurance industries in Minnesota added more than 6,200 jobs, a five percent increase compared to the national decrease of one percent during the same period.

The Twin Cities ranked sixth among the 30 largest metropolitan areas nationwide in finance and insurance industry employment (105,074 workers) in 2010.

Financial and insurance institutions are among the largest employers in Minnesota.

Top Finance and Insurance Employers in Minnesota, 2010



Rank Top 50 Employers

Wells Fargo






U.S. Bancorp



UnitedHealth Group



Source: Minneapolis-St. Paul Business Journal, Top 50 Largest Employers, 2011.


Business, Management and Marketing Degrees
During the school years 2009-2010 (latest data available) nearly 16,000 people received degrees in business, management and marketing from Minnesota postsecondary institutions.

The Carslon School of Management Leads the Way
The Carlson School of Management at the University of Minnesota offers undergraduate and graduate degrees in marketing, accounting, finance and related fields. In the Fall of 2011, there were 4,500 students enrolled. The University of Minnesota-Twin Cities campus ranks 14th worldwide in Economics and Business, according to 2011 rankings by Academic Rankings of World Universities.

University of St. Thomas Strong Commitment to Business Administration
The Opus College of Business at the University of St. Thomas ranks among the top 25 percent of the nation's accredited business schools, according to 2012 rankings by the U.S. News & World Report.

Business Degrees by Top Postsecondary Institutions, 2009-2010


Degrees Awarded*

University of Minnesota-Twin Cities


University of St. Thomas


St. Cloud State University


Metropolitan State University


Saint Mary's University


Minnesota State University-Mankato


College of St. Scholastica


Concordia University-St. Paul


Hamline University


Augsburg College


* Bachelor's and higher.
Source: Minnesota Office of Higher Education.


Minnesota financial associations ensure sound practices in the financial and insurance institutions in the state.

Banking and Credit Associations and Organizations

Minnesota Bankers Association
Provides services to ensure a vital and sound banking industry in the state. They include educational programs, legal and compliance assistance, and group insurance products.

Independent Community Bankers of Minnesota
Provides its members with the resources and advocacy they need to remain independent, effectively compete in the financial industry, grow their banks, and positively impact the economy in their local communities. ICBM also offers networking and financial literacy opportunities.

Minnesota Credit Union Network
A statewide organization serving credit unions in the state to ensure that Minnesota credit unions offer the best financial options for their members.

Insurance Associations and Organizations

Minnesota Independent Insurance and Agents Brokers
A professional trade organization composed of approximately 3,900 independent insurance agents in the state, each representing an average of eight companies.

National Association of Insurance and Financial Advisors
NAIFA is a national nonprofit organization with 1,600 members in Minnesota. NAIFA promotes the value of insurance and financial advice through advocacy, best practices, professional education and sales training.

Investment Associations and Organizations

The Collaborative
The largest membership organization in Minnesota serving emerging companies and investors through seminars, conferences and networking opportunities.

Minnesota Venture Capital Association
MVCA is composed of members whose main activity is to manage venture capital funds and investments. The MVCA promotes venture capital investments in the state.

Life Science Alley
A Minnesota trade association offering opportunities for growth for life science businesses in the state through education and networking. Members include the Mayo Clinic, the University of Minnesota, Medtronic, and many start-up businesses.