St. Cloud-Based Bank Opens New Branch Location In Twin Cities

A St. Cloud-based bank has announced it has opened up a new branch down in the Twin Cities. Stearns Bank, opened its newest location today in St. Paul. The new branch will serve the Hmong community, and a press release states the new branch will also help in "driving financial inclusion."

Stearns Bank in a press release stated that today they "open[ed] a new loan and deposit production office located inside the HmongTown Marketplace. The new office will provide financial services in a culturally nuanced manner designed to help meet the needs of the Hmong community, business owners and entrepreneurs. The office, inside the Marketplace, is located at 217 Como Ave. Ste. 169, St. Paul, MN 55103."

Minnesota's Hmong population has some significant purchasing power, as the MN Hmong Chamber of Commerce states there is an estimated $165+ million within the 80,000+ Hmong Americans that live in Minnesota.

The new office brings the number of Stearns Bank locations up to 10, as the bank has branch locations in parts of 3 states Arizona, Florida, and of course here in Minnesota.

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The bank has had some national recognition lately as Stearns Bank was "recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing."