Stearns Bank Opens New Office Inside HmongTown Marketplace

New office will bring vital banking services to Hmong community, driving financial inclusion

St. Paul, Minn. (September 27, 2024) – Today, Stearns Bank announced the opening of a new loan and deposit production office located inside the HmongTown Marketplace. With an understanding of the unique financial and banking needs of the Hmong community, 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.

“With nearly 95,000 people of Hmong descent calling Minnesota home, Stearns Bank wanted to create tailored and easily accessible banking solutions for this important community, which has a rich and deep history in our state,” said Heather Plumski, EVP, Chief Financial & Strategy Officer at Stearns Bank. “We’re proud of our deep partnership with the Hmong community and encourage fellow businesses to join us in supporting the HmongTown Marketplace, Hmong-owned businesses and the broader Twin Cities Hmong community.”

Founded in 2004 by Toua Xiong, HmongTown Marketplace has been a cultural hub for Minnesota’s Hmong community. With more than 110 vendors providing goods, foods, and experiences, HmongTown Marketplace is the first Hmong-owned and operated indoor-outdoor market in the United States. This unique space brings Southeast Asian culture to life in the Twin Cities Region and enriches the broader community by hosting educational events, community programming and cultural celebrations.

“Stearns Bank has truly become part of the Hmong community and most importantly, they’ve taken the time to fully understand the financial hurdles and pain points our community experiences on a daily basis,” said Toua Xiong. “We’re honored that Stearns Bank is opening this new office in the HmongTown Marketplace to not only help Hmong businesses thrive, but help our local families build stronger financial practices and close generational wealth gaps for years to come.”

With a buying power of $165+ million in Minnesota, the Hmong community plays a pivotal role in strengthening the state’s economy, employing thousands of Minnesotans for key jobs and expanding economic opportunities in local communities. Although the Hmong community has made meaningful strides forward, according to the Hmong National Development Inc., in order for the larger community to continue to thrive and achieve upward mobility, community members need to have access to banking and capital, strong financial literacy skills, job training, and educational support.

As a result, Stearns Bank has been a proud strategic financial partner for HmongTown Marketplace, supporting the business’ expansion and growth priorities. Additionally, Stearns Bank has worked with Hmong community leaders to gain insights into the financial solutions that could best help the broader community reach their specific financial goals and needs.

Consistent with Stearns Bank’s mission, the office will provide innovative financial options that support the greatest ambitions of the community and customers.

To celebrate the opening of the new office, Stearns Bank will be hosting a free community event today, September 27^th from 10AM CT to 2PM CT, in the Farmer’s Market area at the HmongTown Marketplace. The event will feature informational sessions, free prizes, and giveaways, and much more. The event is open to the public.  

To learn more about the new loan and deposit production office or about Stearns Bank’s suite of financing and banking services for the Hmong community, please visit https://www.stearnsbank.com/hmongtown.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $3.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. 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. For more information, visit StearnsBank.com.

Media Contact
Armando Diaz
Armando.Diaz@StearnsBank.com
C: 561-729-6091