Banking, Finance and Insurance
We’re good at growing businesses here. We rank fourth per capita in Fortune 500s - with 17 of them headquartered here - and fourth in 5-Year Business Survival (2014-2019).
One reason has been our strong banking, finance and insurance industries. Our Fortune 1000s include these six financial and insurance giants:
- United HealthGroup
- U.S. Bancorp
- Ameriprise Financial
- Thrivent Financial
- Securian Financial Group
- Federated Mutual Insurance
Financial and insurance industries employed 157,510 people in Minnesota in 2019, a 9 percent increase since 2010. These industries are 23 percent more concentrated in the state than in the U.S. overall, according to the state’s location quotient (1.23).
Minnesota’s SBA office ranks 9th in its volume of SBA-backed loans (1,711). The office had $678 million in approved loans for FY 2019.
There are 5,260 banks and financial services establishments and over 4,350 insurance establishments in Minnesota, according to EMSI. Among the largest banks headquartered or operating in Minnesota are: U.S. Bancorp, Wells Fargo Bank Minnesota, TCF Financial, Bremer Financial Corp and BMO Harris Bank
See the chart below. Contact us to find out more about banking, finance and insurance in Minnesota.