Stearns Bank opens branch in St. Paul’s HmongTown Marketplace

St. Cloud, Minn.-based Stearns Bank recently opened a loan and deposit production office inside HmongTown Marketplace. .The branch, which offers culturally-nuanced financial services for the Hmong community, offers loans, equipment financing, bank accounts and other services. .Stearns Bank was looking to "create tailored and easily accessible banking solutions" for Minnesotans of Hmong descent, said Heather Plumski, chief financial and strategy officer for the $3.2 billion bank. There are 95,000 Minnesotans of Hmong descent who have a combined buying power of $165 million, according to Stearns Bank. .Considered the first Hmong-owned and operated indoor-outdoor market in the United States, HmongTown Marketplace was founded 20 years ago by Toua Xiong, and includes 110 vendors providing goods and services. HmongTown Marketplace also hosts 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," Xiong said. "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."