ESOP · DOL Form 5500 · 2023

Stearns Financial Services, Inc. ESOP

Data updated 2026-08-11

$132M
Total assets: 494
Participants: 93rd
Percentile by assets: $267,186
Avg per participant

Official DOL plan name: Stearns Financial Services, Inc. Employee Stock Ownership Plan · Sponsored by Stearns Financial Services, Inc. · Minnesota · Management of Enterprises

$132M in assets, 494 participants

Stearns Financial Services, Inc.'s Stearns Financial Services, Inc. Employee Stock Ownership Plan reported $132M in total assets and 494 participants in its 2023 DOL Form 5500 filing, ranking in the 93rd percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

93rd percentile by assets (of 127,072 plans)
#899 in Management of Enterprises (1,137 peers)

Coverage in Minnesota

Stearns Financial Services, Inc. Employee Stock Ownership Plan covers 494 participants in Minnesota, about 44% of the average Minnesota filer (state average ~1,126 per filing). Assets: $132M.

$132M
total plan assets (2023 EOY): 494
covered participants: 93rd
percentile by assets (of 127,072 plans): $267,186
avg assets per participant

The plan reported a net loss of $9M for the year, a single-year figure driven by markets and benefit payments, not a measure of plan health.

Stearns Financial Services, Inc. Employee Stock Ownership Plan reported net income fell from $24M in the plan year 2022 filing to -$9M in the plan year 2023 filing.
Stearns Financial Services, Inc. Employee Stock Ownership Plan end-of-year assets fell from $143M in the plan year 2022 filing to $132M in the plan year 2023 filing.
Stearns Financial Services, Inc. Employee Stock Ownership Plan reported participants fell from 511 in the plan year 2022 filing to 494 in the plan year 2023 filing.

See the national 2022→2023 release diff →

State

Minnesota

Industry

Management of Enterprises

Participants vs Minnesota filers

In Minnesota, the average filing covers about 1,126 participants across 2,865 plans. Stearns Financial Services, Inc. Employee Stock Ownership Plan reports 494 participants - about 44% of that state average ($132M EOY assets).

Minnesota filing particulars

Total Assets (Beginning of Year)	$143M
Net Assets (End of Year)	$109M
Net Income	-$9M
Employer EIN	411655119
Plan Effective Date	1984-01-01
Filing Status	FILING RECEIVED

Sponsor Plan History (Stearns Financial Services, Inc.)

Total plan assets by year, all Stearns Financial Services, Inc. plans on file

Year	Plans	Participants	Total Assets
2022	2	972	$165M
2023	2	963	$161M
2024	2	1,001	$181M

Nearby ESOP Plans in Minnesota

Peer ESOP plans, same state, same plan type, ranked by total assets.

Stearns Financial Services, Inc. Employee Stock Ownership Plan vs. nearby ESOP plans in Minnesota, assets vs. participants

Andersen Corporation Employee Stock Ownership Plan $899M · 11,644
Kingdom Enterprises, Inc. Employee Stock Ownership Plan $498M · 789
Landscape Structures, Inc. Employee Stock Ownership Plan and Trust $432M · 446
Hormel Foods Corporation Joint Earnings Profit Sharing Trust $432M · 4,575
Force America Inc. Employee Stock Ownership Plan $427M · 412

Compare Stearns Financial Services, Inc. Employe… side-by-side with 3 peers →

Similar-Sized ESOP Plans Nationally

ESOP plans in other states closest to Stearns Financial Services, Inc. Employee Stock Ownership Plan by total assets, not by location.

Harrell's Employee Stock Ownership Plan (FL) $132M · 465
Ecmd, Inc. Employee Stock Ownership Plan (NC) $132M · 922
Rogers Manufacturing Corporation Employee Stock Ownership Plan (LA) $132M · 153
Mccown Gordon Companies, Inc. Employee Stock Ownership Plan (MO) $132M · 504

Frequently Asked Questions

How did Stearns Financial Services, Inc. Employee Stock Ownership Plan assets move in 2023? ▼

Stearns Financial Services, Inc. Employee Stock Ownership Plan pulled back noticeably - down 7.8% during 2023, from $143M to $132M. Reported net income was -$9M.

How have Stearns Financial Services, Inc. plan assets changed over time? ▼

Across 3 plan years on file (2022-2024), Stearns Financial Services, Inc.'s sponsor-wide assets grew 9.2%, from $165M to $181M.

Where does Stearns Financial Services, Inc. Employee Stock Ownership Plan rank by assets among Form 5500 filers? ▼

Stearns Financial Services, Inc. Employee Stock Ownership Plan ranks in the 93rd percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (in the top 10% of all filed plans by assets).

Which ESOP plans are similar in size to Stearns Financial Services, Inc. Employee Stock Ownership Plan? ▼

Among ESOP plans in other states, the closest by assets is Harrell's Employee Stock Ownership Plan in FL ($132M, 465 participants).

Next read for Stearns Financial Services, Inc. Employe…

Filing takeaways

Ways to act on Stearns Financial Services, Inc. Employee Stock Ownership Plan's numbers.

By total assets, Stearns Financial Services, Inc. Employee Stock Ownership Plan ranks in the top 10% of all filed plans by assets. See the largest plans
Compare it side-by-side against 3 similar ESOP plans in Minnesota. Compare plans
Stearns Financial Services, Inc.'s sponsor-wide assets have grown 9.2% since 2022 across 3 plan years on file. More Management of Enterprises plans

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 411655119.