|
|
Article: State Farm Bank's rapid growth linked to relationships: agents, customers built bonds with insurance, now move into banking.
- Article from:
- The Mississippi Business Journal
- Article date:
- February 14, 2005
- Author:
CopyrightCOPYRIGHT 2005 Dolan Media Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
For a bank that has only been open nationwide since the end of 2002, State Farm Bank has seen considerable growth.
"We have a pretty good track record in the years we have been open," said Fraser Engerman, media relations manager for State Farm Bank. "Currently we have a little over a million accounts across the country. We offer a full array of products from the loan and savings sides. We have about $10.4 billion in total assets and $6.9 billion in deposits. We are ranked among the top 1% of banks nationwide based on that asset size. So, as you can see, we have had pretty phenomenal growth in the past few years."
The bank showed a profit for the first ...