State Bank & Trust to Open 1st Local Branch; U.S. Bank to Open One In Hospital

Fargo-based State Bank & Trust plans to open its first Twin Cities branch in Golden Valley; meanwhile Minneapolis-based U.S. Bancorp announced that it will open its first banking branch within a Minnesota hospital.

Two new banking locations are set to open in the Twin Cities-one of them in Golden Valley and the other inside a Minneapolis hospital.

Fargo, North Dakota-based State Bank & Trust said that it plans to open its first Twin Cities branch in Golden Valley. The opening is pending regulatory approval, but the bank expects the branch to begin operations in early April. The branch will be located at The Colonnade building near the intersection of Interstate 394 and Highway 100.

The bank expects to house approximately 12 employees in the new branch, four of whom will be relocated from other State Bank & Trust locations and the rest of whom will be new hires.

State Bank & Trust already has locations in several Minnesota towns, including Fergus Falls, Moorhead, and Alexandria. It has 650 employees working at 14 locations in Minnesota, North Dakota, and South Dakota and has assets totaling more than $2 billion. Last year, it purchased Bell Mortgage, a 130-year-old mortgage company with 28 Twin Cities locations.

In other bank news, Minneapolis-based U.S. Bancorp announced Tuesday that it will open a full-service branch office inside the Hennepin County Medical Center, located at 730 South Eighth Street in Minneapolis. The company said that the new branch will give hospital employees, visitors, and the public access to U.S. Bank's services, including checking and savings accounts, loans, credit cards, mortgages, and investments.

The 425-square foot branch is scheduled to open on March 12 and will be located on the skyway level of the hospital. It will be U.S. Bank's first hospital location in Minnesota.

U.S. Bank operates 74 “on-site” branches across the country at locations including corporate campuses, schools, hospitals, and airports. Ten of these locations are in the Twin Cities metro area and include branches located at the Minneapolis-St. Paul International Airport, Thomson Reuters' Eagan campus, and Normandale Community College in Bloomington.