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Banking, Finance and Insurance

000 Our Business Expertise [Business & Finance Image]

We’re good at growing businesses here. We rank third per capita in Fortune 500s – with 19 of them headquartered here – and we rank first in 5-Year Business Survival (2012-2017).

One reason has been our strong banking, finance and insurance industries. Our Fortune 500s include these five financial and insurance giants:

  • United HealthGroup
  • U.S. Bancorp
  • Amerprise Financial
  • Thrivent Financial
  • Securian Financial Group

Financial and insurance industries employed 147,158 people in Minnesota in 2017, a 5 percent increase since 2010. These industries are 20 percent more concentrated in the state than in the U.S. overall, according to the state’s location quotient (1.20).

Banks in Minnesota lent over $580 million to 1,908 small businesses statewide through the Small Business Administration loan programs in 2017. Minnesota’s SBA office ranks 10th in its volume of SBA-backed loans. The office also ranks 16th with $681.2 million in approved loans.

There are more than 5,000 banks and financial services establishments and over 4,000 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
  • BMO Harris Bank

For More

Contact us to find out more about banking, finance and insurance in Minnesota.

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