MN SR278

Union Bank & Trust of Minneapolis, founded in 1976 by Danny Gustafson, is the only union-owned bank in Minnesota and one of fewer than ten union-owned banks in the nation.

The bank was established with an initial $1 million investment from local unions, primarily building trades unions, which comprise approximately 90 percent of shareholders and 30 different local unions hold ownership stakes.

All Union Bank & Trust employees are union members, and the bank has operated for 40 years without a single labor dispute with its employees.

Senator Hubert Humphrey participated in the bank's grand opening, and the bank financed millions in construction projects while creating union construction jobs in its early years.

The Minnesota Senate congratulates Union Bank & Trust on 40 successful years in business and directs the Secretary of the Senate to transmit an enrolled copy of this resolution to the bank.