Financial literacy strategies and initiatives top of mind for regional banking leaders
Writer: Pablo Marquez
May 2025 — Greater MSP is a major hub for banking and financial services, attracting both global institutions and companies expanding into the U.S. It ranks among the top 10 large metro areas for banking industry concentration and is home to four Fortune 500 finance and insurance firms—UnitedHealth Group, U.S. Bancorp, HealthPartners Inc., and Ameriprise Financial. The Twin Cities also boasts the largest concentration of Wells Fargo employees globally, and approximately 124,000 individuals in the region possess financial services skills or experience, making the sector 43% more concentrated than the national average.
Solidifying the state’s commitment to the fiscal education of its residents, Minnesota recently ranked at No. 1 in WalletHub’s list of the top 51 States With the Highest Financial Literacy in 2025. WalletHub ranked and scored states on 17 metrics across financial education, consumer habits, and proprietary survey results. Minnesota was qualified with 7 points in WalletLiteracy Rank (50% weight), 2 points in Financial Planning Rank (25% weight), 3 points in Financial Education Rank (25% weight), earning a total overall score of 73 out of 100. This system of evaluation placed Minnesota in the ranking’s first place above Colorado (2nd), Nebraska (3rd), Virginia (4th), and Wisconsin (5th).
Banking and financial services business leaders in the region, including Damon Jenkins, SVP and regional market president of First Independence Bank; Steve Koenen, president and CEO of Altra Federal Credit Union; Dale Turner, president and CEO of TruStone Financial Credit Union; and Patrick Pierce, president and CEO of City & County Credit Union, shared their respective efforts and measures to promote financial literacy initiatives in the Twin Cities.
Damon Jenkins, Regional Market President, First Independence Bank
Financial literacy and education are critical components of growing and ultimately achieving generational wealth. Knowledgeable financial management helps individuals achieve their dreams, whether home ownership, entrepreneurship, or access to credit to support their financial journey. This empowers people to make informed decisions, build and protect their credit, and effectively partner with banks to reach their financial goals. It’s foundational to securing a financial future and fostering healthy relationships with banking institutions. As First Independence Bank continues establishing its presence in the region, our goal is to become a trusted institution by meeting individuals where they are and connecting them with the necessary resources to prosper financially. We’re committed to being a partner in their financial journeys and guiding them through the process. We strive to operate in a manner that supports the long-term well-being of the Twin Cities community. By promoting financial literacy and responsible banking practices, we contribute to the region’s overall economic health and stability.
Steve Koenen, CEO, Altra Federal Credit Union
Financial literacy has always been a priority for us. We have dedicated employees who focus solely on this effort. For many years, we have been working in schools to educate youth on basic financial tools. Currently, we have 35 certified financial coaches across our branches who assist members with everything from basic budgeting to answering everyday financial questions. We offer seminars, online tools, and resources to guide our members. Our approach is holistic. We aim to be with our members throughout their financial journeys, helping them navigate challenges and achieve financial well-being. This commitment differentiates us, and while we are proud of the work we have done, we are continually looking for new ways to expand these initiatives.
Dale Turner, CEO, TruStone Financial Credit Union
The connection to education is near and dear to TruStone’s heart. It wasn’t but 85 years ago that we started as an education credit union. Teachers were our primary members. Our commitment hasn’t changed. Education within the community, whether it be homebuying or investment seminars, digital learning, or our support of educational programs, is robust. Our employees take this personally, dedicating over 2,300 hours within the community just last year. They advocate for and assist our community, whether it be through educational purposes and financial understanding, or simply helping those who need assistance. We want to ensure we’re taking community involvement seriously and driving community impact.
Patrick Pierce, President & CEO, City & County Credit Union
We offer in-person and online workshops for our members on a host of topics that stretch beyond budget basics, such as home ownership, navigating Medicare benefits, and how to read a credit report. Our financial education team also visits high school classrooms weekly to educate students on important money topics, including how to get a loan and responsibly start your credit. In 2024 alone, our team educated 1,309 students in our community. We believe that empowering members to reach their financial goals starts with education.
For more information visit:
https://www.firstindependence.com/
https://www.altra.org/
