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Banking in the Rochester Area
Rochester, Minnesota, is the largest city in the state outside of the Twin Cities metropolitan area. Located in southeast Minnesota near the borders with Iowa and Wisconsin, Rochester has a population of about 110,000 people. Its larger population area, which includes the cities of Austin, Albert Lea, Charles City, Stewartville, Spring Valley, Kasson, Clear Lake, and Rushford, has more than 200,000 people.
Rochester is home to the Mayo Clinic, one of the most well-known healthcare systems in the world. It also is home to a major IBM manufacturing plant. Perhaps due to the presence of two large companies and its location close to two other states, Rochester has a large banking industry.
There are approximately 40 banks and 20 credit unions with headquarters in Rochester or the surrounding region. Notable institutions include Think Mutual Bank, First Citizens National Bank, Mayo Employees Federal Credit Union, and Home Federal Savings Bank. The oldest locally-based financial institution still operating is Root River State Bank, which was established all the way back in 1856. Altogether, including out-of-area banks that operate in the Rochester region, there more than 75 banks and 20 credit unions with a total of about 280 branches.
