With Interest – Minnesota's Financial Services Growth Spurt

Tuesday, March 20, 2018

Strong financial services yield innovative new companies

The financial services sector has long been an anchor of the Minnesota economy, and the banking and asset management firms the state has are creating technology-driven enterprises that complement and serve them. More than 300 banking institutions serve Minnesota with more than 1,700 branches in 595 cities.

Minnesota ranks third among states in the number of banking institutions. Minneapolis-based U.S. Bancorp, the global financial services giant, is the fifth-largest U.S. bank, with assets of nearly $450 billion. It operates 3,091 banking offices in 25 states.

Minnesota also is home to Wayzata-based TCF Financial Corp., which operates TCF Bank. Wells Fargo also has major operations in the state, with 20,000 employees. United Healthcare, one of nation’s largest health insurers is based in Minnetonka.

inancial services, asset management and insurance companies also excel in Minnesota. Allianz Life, Galliard and Piper Jaffray have major operations in the state. Thrivent Financial, a Fortune 500 company with more than $116 billion in assets under advisement, makes its headquarters in Minneapolis.

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