US Bank to assume State Farm Bank’s existing accounts

Posted on March 5, 2020
State Farm HQ
In addition to assuming State Farm Bank’s existing deposit and credit card accounts, the two companies are exploring working together to provide State Farm customers with access to vehicle loans and business banking products.(WJBC file photo)

 

By Neil Doyle

BLOOMINGTON – U.S. Bank will assume State Farm Bank’s existing deposit and credit card accounts, according to a news release Thursday.

According to the release, State Farm agents will be able to introduce U.S. Bank deposit products and co-branded credit cards to State Farm customers.

The alliance is part of a broader strategy by State Farm to exit banking operations. In addition to assuming State Farm Bank’s existing deposit and credit card accounts, the two companies are exploring working together to provide State Farm customers with access to vehicle loans and business banking products.

“State Farm has been committed to helping people for nearly 98 years. U.S. Bank is an outstanding institution that shares our commitment to strong customer relationships,” said State Farm President and CEO Michael Tipsord. “When we combine State Farm’s deep customer relationships with the scale and capabilities of companies like U.S. Bank, we can help significantly more people.”

The transition of deposit and credit card accounts is scheduled to begin after closing, expected for later this year and into 2021.  Current State Farm Bank customers do not need to take any action

U.S. Bank is the country’s fifth largest commercial bank.

Neil Doyle can be reached at [email protected]

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