Banks in Minnesota

7 FDIC-insured banks headquartered in Minnesota, ranked by total assets.

Minnesota is home to 7 FDIC-insured banks holding a combined $46.32B in total assets and approximately $40.97B in deposits (Source: FDIC BankFind). These figures represent banks headquartered in Minnesota and may not include all branches of out-of-state banks operating in the state.

Ameriprise Bank, FSB is the largest bank headquartered in Minnesota with $25.31B in total assets, representing a concentrated market where one institution holds the majority of state-headquartered bank assets (Source: FDIC BankFind). The mix of national banks, regional institutions, and community banks in Minnesota provides consumers with a range of options based on their banking preferences.

Total Banks

Combined Assets

$46.32B

Avg ROA

1.47%

Largest banks in Minnesota

Ameriprise Bank, FSB

Ameriprise Bank, FSB is the largest bank headquartered in Minnesota with $25.31B in total assets and 2 branches (Source: FDIC BankFind).

Bridgewater Bank

Bridgewater Bank is a major bank headquartered in Minnesota with $5.40B in total assets and 10 branches (Source: FDIC BankFind).

Frandsen Bank & Trust

Frandsen Bank & Trust is a major bank headquartered in Minnesota with $3.70B in total assets and 40 branches (Source: FDIC BankFind).

Stearns Bank

Stearns Bank is a major bank headquartered in Minnesota with $3.34B in total assets and 7 branches (Source: FDIC BankFind).

Minnwest Bank

Minnwest Bank is a major bank headquartered in Minnesota with $3.01B in total assets and 36 branches (Source: FDIC BankFind).

Banks headquartered in Minnesota

#	Bank	Total Assets	Deposits	ROA	Branches
1	Ameriprise Bank, FSBMinneapolis	$25.31B	$23.67B	3.08%	2
2	Bridgewater BankSaint Louis Park	$5.40B	$4.34B	0.99%	10
3	Frandsen Bank & TrustLonsdale	$3.70B	$3.15B	1.48%	40
4	Stearns Bank National AssociationSaint Cloud	$3.34B	$2.58B	1.85%	7
5	Minnwest BankRedwood Falls	$3.01B	$2.65B	0.92%	36
6	Merchants Bank, National AssociationWinona	$2.90B	$2.52B	1.23%	22
7	Tradition Capital BankWayzata	$2.64B	$2.06B	0.71%	4

Source: FDIC BankFind, most recent quarterly data. Only includes banks headquartered in Minnesota. Data last updated: April 2, 2026.

Credit unions in Minnesota

5 credit unions headquartered in Minnesota, ranked by total assets. Credit unions are member-owned cooperatives insured by the NCUA.

#	Credit Union	Total Assets	Members	ROA	Branches
1	WINGS FINANCIALApple Valley	$9.32B	384,731	0.92%	N/A
2	TRUSTONE FINANCIALPlymouth	$5.97B	220,287	1.00%	N/A
3	AFFINITY PLUSSaint Paul	$4.88B	294,655	0.98%	N/A
4	BLAZEFalcon Heights	$4.58B	253,895	0.81%	N/A
5	MAGNIFI FINANCIALMELROSE	$2.61B	84,945	0.73%	N/A

Source: NCUA Quarterly Call Report Data. Only includes credit unions headquartered in Minnesota.

How to choose a bank in Minnesota

When choosing a bank in Minnesota, consider what matters most for your financial needs. Minnesota has 7 FDIC-insured banks headquartered in the state, plus additional out-of-state banks with local branches. Each institution offers different strengths in terms of branch access, product variety, and community focus.

Consider whether branch access matters to you. If you prefer in-person banking, look for institutions with branches near your home or workplace. If you primarily use mobile and online banking, you may want to prioritize digital features and compare interest rates, as online-focused banks often offer higher savings APYs.

All banks listed on this page are FDIC-insured, meaning deposits are protected up to $250,000 per depositor, per insured bank, for each account ownership category (Source: FDIC). Beyond FDIC insurance, compare factors such as monthly maintenance fees, ATM networks, minimum balance requirements, and customer service availability. The CFPB recommends comparing at least three institutions before opening a new account.

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Data Sources

FDIC BankFind: Financial data including total assets, deposits, net income, ROA, and ROE for all FDIC-insured institutions. https://banks.data.fdic.gov/

CFPB Consumer Complaint Database: Consumer complaint data by institution, including complaint volumes, response rates, and top issue categories. https://www.consumerfinance.gov/data-research/consumer-complaints/

Federal Reserve Economic Data (FRED): Interest rate benchmarks including the Federal Funds Rate, Treasury yields, and national savings rate averages. https://fred.stlouisfed.org/

BankRanked is not a bank, credit union, or financial advisor. This content is for educational purposes only and does not constitute financial advice. All data is sourced from publicly available government databases (FDIC, NCUA, CFPB, FRED). Consult a licensed financial professional before making banking decisions.