Minnesota Bankers Association

What Minnesota Bankers Association does

The Minnesota Bankers Association (MBA), founded in 1889 and headquartered at 8050 Washington Ave S, Suite 150 in Eden Prairie, Minnesota, is a privately-held, nonprofit trade association serving as the primary collective voice and operational backbone for community banks operating in the state. With 11-50 employees led by President/CEO Joe Witt, the MBA provides banking-industry advocacy before state and federal regulators, professional education through 38 committees (Agricultural, AML/BSA, Compliance, DE&I, Government Relations, Operations/Technology, and additional regional groups), legal and compliance advisory services, group insurance administration, and the proprietary TRAC information security software suite distributed to member banks.

The MBA's product portfolio is anchored by TRAC (Technology Risk Assessment and Compliance), an Information Security Software Suite covering IT risk assessment, information security, audit, third-party management, BSA, commercial account risk assessment, business continuity planning, and enterprise risk management, marketed and supported directly by MBA staff. Adjacent offerings include compliance consulting (BSA testing, deposit review, HMDA, privacy, ACH, policy creation), technology consulting (vulnerability assessment, penetration testing, social engineering), an in-house compliance resource stack (Compliance Companion on Senior Fraud and a FinCEN GTO coverage flowchart), a DEI Toolkit, and a job board that sustains 800+ unique monthly page views. The association also curates partner-branded solutions including Ncontracts (vendor management), eBankSafe (wire-fraud protection), and a Minnesota PFML private plan offered with ShelterPoint.

Revenue is generated across multiple, partially recurring streams: membership dues from hundreds of Minnesota banks, per-attendee seminar and conference fees ($299-$325 member rate; roughly 50% member discount vs. non-member), job board postings ($75 per 30 days for members, $150 for non-members, free summer internships), training room rentals at the Eden Prairie facility, group insurance administration (disability through Voya Financial, PFML through ShelterPoint, plus pooled dental/life/vision/EAP), professional-services consulting engagements on compliance and technology, and a billable legal helpline overage tier ($25 per call beyond six free calls per year). Distribution is dominated by the member portal at minnbankers.com, the Annual Summit (June 2027), Member Appreciation Week, and a 40+ associate-member vendor network that channels sponsored programming to the membership.

Name

Minnesota Bankers Association

Legal name

Minnesota Bankers Association

Website

https://minnbankers.com

Company type

Private

Founded year

1889

Operating status

Operating

Headcount range

11–50 employees

Short description

The Minnesota Bankers Association (MBA), founded in 1889, is the trade association serving Minnesota community banks through advocacy, compliance and technology consulting, the proprietary TRAC information security software suite, 50+ year group insurance programs, and 38 industry committees.

Ownership category

akta.pro rank

Headquarters

HQ city

Eden Prairie

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Membership Dues: The MBA operates as a membership-based trade association. Banks pay membership dues to join and access member benefits including advocacy, education, legal/compliance services, group insurance programs, and networking opportunities.
2. Job Board Postings: Employment ad postings run for 30 days at $75 for MBA members and $150 for qualified non-members. Summer internship postings are offered free of charge.
3. Event and Education Fees: Registration fees for seminars, workshops, and conferences. Examples include Agricultural Lending ($325 member), Analyzing Financial Statements ($299 member), HR Peer Group Meeting ($35), and Annual Summit registration fees.
4. Training Room Rental: The MBA rents its training facility to members and non-members for meetings and events. The facility includes AV equipment, wireless internet, and catering. Conference room is complimentary for MBA members.
5. Group Insurance Programs: The MBA has met group insurance needs of member banks for over 50 years through partnerships with Voya Financial (disability insurance) and ShelterPoint (PFML). The association acts as an administrator/aggregator for pooled group insurance plans.
6. Compliance and Technology Consulting: The MBA Consulting Group offers compliance and IT consulting services to member banks including in-depth compliance risk assessments, targeted audits, staff training, technology strategic planning, and information security assessments. A helpline is included free with consulting engagements.
7. Legal Department Inquiries: Legal inquiries by email are free for members. Up to six telephone inquiries per calendar year are included; subsequent calls are billed at $25 per call. Replies to email may take up to one week.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

The Minnesota Bankers Association is a membership-based trade association serving Minnesota's banking industry. It provides advocacy and government relations, compliance and technology consulting, professional education and training, group insurance programs, job board services, and a proprietary information security software suite (TRAC).

Product overview

The Minnesota Bankers Association (MBA) is a trade association serving Minnesota banks, not a single software product but a platform of services. The core offerings include technology consulting services (vulnerability assessments, penetration testing, security audits, strategic planning) centered around the TRAC Information Security Software Suite; compliance consulting services (BSA, deposit review, real estate lending, HMDA, privacy); group insurance programs (dental, life, disability, vision, EAP, PFML) administered for over 50 years; professional development including 38 committees, educational programs, and events like Annual Summit and Member Appreciation Week; training room rental facilities; a job board for member banks; a DEI Toolkit; and legal department inquiry services. Partner products including Ncontracts (vendor management) and eBankSafe (fraud protection) are also recommended to members. The association advocates for banking industry interests, evidenced by successful litigation against the FDIC over FIL 32-2023 guidance.

Differentiator

Problem solved

Functional benefit

Brands

• TRAC: Information Security Software Suite for automated IT Risk Management, Policy Creation, BSA Risk Management, Third Party Management, and Business Continuity Planning.

Products and services

• TRAC (Information Security Software Suite)

Named customers9 records

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• NcontractscoreTechnology or IntegrationNcontracts is a web-based contract and vendor management solution offered through the MBA to member banks. It enables banks to monitor and assess FDIC vendor risk ratings and provides compliance tools for contract management. MBA CEO Joe Witt stated: 'After thoroughly evaluating this solution, our team has concluded that Ncontracts is exactly what our banks need.'
• Voya FinancialcoreOthersVoya Financial is the insurance provider for MBA's group Short Term Disability and Long Term Disability plans. Voya is rated 'Excellent' by A.M. Best and provides financial assistance via benefit checks as well as support for employees returning to work. MBA pools all member banks together for potentially lower rates.
• ShelterPointcoreOthersShelterPoint provides MBA's private Minnesota Paid Family and Medical Leave (PFML) plan option for member banks. The partnership allows MBA to offer quotes for private MN PFML coverage as an alternative to the state-mandated plan effective January 1, 2026. ShelterPoint has conducted onboarding webinars for members.
• AbrigominorStrategic or Co-development PartnerAbrigo provides educational content for MBA programs including webinars on deposit analytics, change management, and beneficial ownership. Abrigo is a featured associate member and sponsor of Member Appreciation Week.
• HaberfeldminorStrategic or Co-development PartnerHaberfeld provides content for MBA programs including 'What Got You Here Won't Get You There' webinar addressing generational differences in employee expectations. Featured as associate member and sponsor.
• ABA (American Bankers Association)coreStrategic or Co-development PartnerThe American Bankers Association partners with MBA to offer ABA Principles of Banking certification. ABA also sponsors Member Appreciation Week prizes including Amazon gift cards. ABA Washington Summit was attended by MBA CEO Joe Witt for advocacy discussions.
• Brad Stevens (Stevens Risk Management)minorImplementation/ SI/ Consulting PartnerBrad Stevens serves as presenter for MBA Agricultural Lending and Analyzing Financial Statements programs. He has over 30 years of experience as analyst, commercial banker, and consultant.
• Hyatt Place Minneapolis Eden PrairieminorOthersHyatt Place Minneapolis Eden Prairie offers MBA rate of $112-$119 plus tax for event attendees. Located near MBA headquarters for convenient lodging during in-person programs.

Scale indicators4 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• American Bankers Association: National trade association for the U.S. banking industry, offering certification (e.g., ABA Principles of Banking, which MBA already partners with), advocacy, education, and compliance resources. Directly comparable as the parent-level banking association whose products and advocacy framework MBA adapts for the Minnesota market.
• Independent Community Bankers of America: National trade association focused specifically on community banks, offering advocacy, education, and compliance products. Closely comparable in mission and member profile (community banks) to MBA, with geographic scale being the key differentiator.

Direct peers

• Wisconsin Bankers Association: Direct state-level peer serving Wisconsin banks with advocacy, education, compliance, and insurance programs. Closely comparable operating model, member profile (community banks), and service mix to MBA, including group insurance and legal/compliance support.
• Nebraska Bankers Association: State-level banking association for Nebraska offering advocacy, compliance, and education services. Directly comparable to MBA in mission, service scope, and community-bank focus.
• Iowa Bankers Association: State-level trade association serving Iowa banks, providing advocacy, education, compliance resources, and group insurance. Nearly identical operating model to MBA, differing primarily by state geography.
• Illinois Bankers Association: State-level banking trade association serving Illinois banks with advocacy, compliance, education, and insurance products. Direct comparable in structure and service offerings to MBA, with a larger absolute member base given Illinois' bank count.
• North Dakota Bankers Association: State-level trade association for North Dakota banks offering advocacy, education, and member services. Direct comparable to MBA with a smaller absolute scale and similar community-bank focus.
• South Dakota Bankers Association: South Dakota's state banking trade association providing advocacy, education, and compliance support to member banks. Mirrors MBA's operating model and member profile in an adjacent geography.

Others

• Conference of State Bank Supervisors: National organization of state banking regulators, often a counterpart/advocacy target for state bankers associations like MBA. Comparable in that it operates in the banking policy ecosystem, though it represents regulators rather than banks.
• Bankers' Bank: Bankers' banks are correspondent banking institutions owned by community banks that provide wholesale banking services to member community banks. While not a direct trade association peer, they share the same member base as MBA and frequently partner with state banking associations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@MNBankers
• Facebookfacebook.com/MinnesotaBankers
• LinkedInlinkedin.com/company/minnesota-bankers-association
• Instagraminstagram.com/minnesota_bankers_association_
• Xx.com/minnbankers

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Minnesota Bankers Association