The American Fintech Council (AFC) is continuing its expansion of members joining the advocacy group with Minnesota-based Stearns Bank. The bank was founded in 1912 with physical locations in Minnesota, Florida and Arizona. Stearns reports assets of around $3.2 billion. The bank is independently owned and has over 35,000 customers.
Like other traditional banks, Stearns Bank aims to boost its Fintech cred and services to support its customers and provide new and improved services.
CEO of Stearns Bank Kelly Skalicky says they are anchored in their ongoing mission of supporting innovation and entrepreneurship.
According to a note from the AFC, in recent years, Stearns Bank has partnered with various Fintechs to offer embedded banking solutions. Stearns Bank states that it has prioritized risk management, compliance, and responsible technological development.