State Farm Bank, F.S.B. was granted its charter in November 1998 and was launched in 2000. State Farm Bank, F.S.B. is a subsidiary of one of the oldest and longest running mutual insurance companies, State Farm Mutual Automobile Insurance Company.
State Farm is well known for is signature motto “Like a good neighbor, State Farm is there”. The company is headquartered out of Bloomington, Illinois.
History of State Farm Bank F.S.B.
Founded in 1922, State Farm Insurance is owned by the policyholders. It began selling mutual automobile insurance specifically for farmers. State Farm’s founder, George J. Mercherle, had a belief that because farmers drove fewer miles and had fewer losses than drivers from the city their insurance should cost less. This was the beginning of helping to shape State Farm Mutual Automobile Insurance Company into the largest insurer of cars and homes in the United States.
Today, State Farm Mutual Automobile Insurance Company along with its subsidiaries, including State Farm Bank, F.S.B., employs over 67,000 employees and over 17,000 agents. Fortune 500 ranks State Farm as the 31st largest company. The company is lead by Chairman and Chief Executive Officer, Edward B. Rust, Jr. State Farm Insurance insures over 78 million policies and manages $3.7 billion in mutual funds assets.
State Farm Bank Today
State Farm Bank, F.S.B. manages approximately 2 million accounts. State Farm Bank, F.S.B. is not a traditional bank. It does not have branch offices. The majority of customer contact and product assistance is provided through internet, mail, State Farm agents, and its call center.
Although not a traditional bank, State Farm Bank, F.S.B. offers a complete range of products and services. All of their deposit accounts are apparently insured through the FDIC. State Farm Bank, F.S.B can serve all of its customers’ financial needs in one location. Customers have account access around the clock via the internet, automated telephone bank system, or directly by speaking with a State Farm Bank, F.S.B. account representative.
Services of State Farm Bank
Opening an account is also very convenient for customers. One can open an account with State Farm Bank, F.S.B. through the internet, over the phone with a representative, or with a State Farm agent. Cash withdrawals, transfers, deposits, and balance inquires can be made at any location nationwide at ATMs owned by State Farm Bank, F.S.B. or any ATM that participates with the NYCE, STAR, or PULSE network.
State Farm Bank, F.S.B. offers checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and health savings accounts. They offer a Coverdell Education Savings Account CDs that is designed for educational expense saving that are tax free. State Farm Bank, F.S.B. also offers credit cards to customers that include a platinum rewards visa, good neighbor visa, student visa, and a business visa.
State Farm Bank, F.S.B. also has a variety of loan services. These loan services include home mortgage loans, home equity loans, vehicle loans, and business loans. The mortgage loans that are offered are the same as with any traditional bank and include fixed rate or adjustable rate loans.
State Farm Bank, F.S.B also has an online learning center for its customers. The online learning center provides customers with valuable tips and information on buying a home, building your credit, and purchasing a vehicle, just to name a few.