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Article: State Farm Bank's rapid growth linked to relationships
- Article from:
- The Mississippi Business Journal
- Article date:
- February 14, 2005
- Author:
CopyrightCopyright Mississippi Business Journal Feb 14, 2005. Provided by ProQuest LLC. (Hide copyright information)
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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 time in 2004. The bank is now rated as ...