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Bell Bank
Privately owned bank From Wikipedia, the free encyclopedia
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Bell Bank is a privately owned bank headquartered in Fargo, North Dakota,[1] with assets of $13 billion.[2] Bell Bank, which employs more than 1,900 people,[3] has 27 full-service banking locations in North Dakota, Minnesota and Arizona,[4] and mortgage locations in Arizona, Colorado, Florida, Kansas, Illinois, Minnesota, Missouri, New Mexico, North Dakota, Tennessee and Wisconsin.[5] State Bankshares is Bell Bank's parent company.[6]
 | A major contributor to this article appears to have a close connection with its subject. (November 2023) |
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History and growth
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Bell Bank was founded as State Bank of Fargo in 1966[7] as a single location in the Northport Shopping Center in Fargo.[8] Thomas "Buck" Snortland was one of the company's founders.[9]
In 2003, the bank bought Northern Capital Trust, a trust company and flex spending adjudication business.[10] Richard Solberg, who was then the bank's president and CEO, had served on the board of directors for Northern Capital Trust since the company was established—16 years before the merger.[11]
Not long after the merger, Bell created a spin-off company called Discovery Benefits,[12] which administers flexible benefits, COBRA and health savings accounts.[10] Bell also started HealthcareBank, one of the largest health care savings account banks and a client of Discovery Benefits.[10] In 2019, State Bankshares announced plans to sell Discovery Benefits for $425 million to Wex Inc., a South Portland, Maine-based payment processing and business solutions provider. In 2021, Bell and WEX agreed to WEX's acquisition of certain HSA assets of HealthcareBank.[13]
In 2011, the company acquired Minneapolis-based Bell Mortgage, expanding its reach into the Twin Cities and Phoenix, Ariz.[7] The company changed its name from State Bank & Trust to Bell State Bank & Trust in 2012[14] and to Bell Bank in Aug., 2016.[8] In 2013, Bell acquired Minneapolis-based The Business Bank and its Prime Mortgage Division.[15] Bell Bank Mortgage expanded its offices into Wisconsin and New Mexico in 2018,[16][17] Florida, Missouri and Tennessee in 2019,[18][19] and Kansas in 2020.[20]
Bell launched an equipment finance division in Minneapolis in 2018, to serve the manufacturing, transportation, construction and agriculture industries.[21]
In 2019, Bell signed a purchase agreement to buy Warner and Company Insurance in Fargo, Schiller Insurance in Detroit Lakes, Minnesota, and Thompson-Schaefer Insurance Agency in Grand Forks, North Dakota, and rebranded them as Bell Insurance.[22]
Bell opened its first full-service bank branch in Arizona—in the city of Chandler, Arizona—in 2019,[23] and its second in Phoenix – Biltmore in 2020.[24]
In 2020, Bell expanded into Forest Lake, Minn.,[25] and Duluth, Minn., renovating and occupying the downtown Temple Opera Building.[26]
In 2021, Bell opened a branch in downtown Minneapolis' City Center[27] and announced its entrance into the Denver market.[28] Bell also purchased a 12-story building at 520 Main Ave. in downtown Fargo, which will reopen in 2024 after a full remodeling as Bell’s new headquarters.[29]
In 2022, Bell finalized its building lease for a new mortgage servicing center in Owensboro, Ky.[30] Bell also launched Bell Business Credit, a specialty lending team providing asset-based lending and factoring services for working capital intensive companies.[31]
In 2024, Bell opened Bell Tower,[32] its new, 190,000-square-foot corporate headquarters in downtown Fargo.
Bell has a 5-star rating from Bauer Financial, an independent bank research firm. Based on financial data from federal regulators, a 5-star rating, the highest rating the firm awards, means a bank is financially sound and is operating well above its capital requirements.[33]
The company plans to remain privately owned.[13]
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Leadership
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Michael Solberg is Bell Bank's president, and the third CEO in the company's history.[7] He was named CEO in 2014, succeeding his father, Richard Solberg, who had been CEO since 1982.[7]
Michael Solberg was named chief operating officer in 2004 and president in 2009.[7] He started with the company in 1998 after graduating from Concordia College in Moorhead, Minnesota, and William Mitchell College of Law in Saint Paul, Minnesota.[34] He grew up in Finley, North Dakota, and Fargo.[34]
Richard Solberg is the board chairman and a company shareholder.[7] The bank is owned by about 70 shareholders, with a majority stake held by the families of Richard Solberg, Michael Solberg, Julie Snortland and Laura Snortland Fairfield.[35] Other major shareholders have included Thomas "Buck" Snortland[9] and his son, Thomas "Mickey" Snortland, both farmers from Sharon, North Dakota.[34]
Thomas "Mickey" Snortland, who was also a longtime director of the bank, died in 2013 of an apparent heart attack.[36]
Before working for what was then State Bank of Fargo, Richard Solberg was president of Citizens State Bank in Finley, where he grew up. He also graduated from Concordia College.[34] Under Richard Solberg's leadership, the bank grew from a single location with $28 million in assets to 20 branches in North Dakota and Minnesota with more than $3 billion in assets.[7] In 2022, Richard Solberg received the Legacy Leader Award from the Fargo Moorhead West Fargo Chamber of Commerce.[4]
NorthWestern Financial Review named Richard and Michael Solberg Bankers of the Year in 2012.[10]
Additional executive leadership includes: Patrick Chaffee, EVP/banking, wealth management & insurance,[37] Todd Lee, EVP/banking & commercial lending administration,[38] Laine Brantner, EVP/chief operating officer, Julie Peterson Klein, EVP/chief of staff and chief culture officer,[39] Tony Weick, EVP/Bell Bank Mortgage president,[40] Lynn Johnson, EVP/retail banking,[41] Jon Aarsvold, EVP/chief credit officer,[42] Jenny Senecal, EVP/deputy chief credit officer[43] Jena Cogswell, EVP/chief marketing officer,[44] Tim Gelinske, EVP/strategic initiatives and partnerships,[45] Blake Nelson, EVP/chief financial officer,[46] Gary Inman, EVP/information systems manager, and Jesse Schwab, EVP/chief risk officer.[47]
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Company culture
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Several media outlets, including USA Today, People magazine and the BBC have written stories about Bell Bank's culture.[48] Bell's mission statement is Happy Employees! Happy Customers![49] Michael Solberg says the bank's growth and profits are due to the way the company treats its employees.[50] In 2016, Bell announced it would make an employee stock ownership plan (ESOP) part of employees' retirement benefits.[35] A portion of each employee's retirement funds will be invested in State Bankshares stock.[35]
Awards received by Bell Bank
Bell Bank has been recognized with multiple awards.
Fortune magazine named Bell to its list of 100 Best Companies to Work For in 2022,[51] and the Best Workplaces in Financial Services & Insurance in 2022, 2021, 2020 and 2019; Best Workplaces for Women in 2023,[52] 2022, 2021, 2020 and 2019; Best Workplaces for Millennials in 2023,[53] 2022, 2021, 2020 and 2019; and Best Workplaces for Parents in 2021 and 2020.[54]
Bell ranked 8th on People magazine's list of 100 Companies That Care,[55] 32nd in 2022[56] and 87th in 2021.[57]
Forbes ranked Bell among the World's Best Banks and Best-in-State bank for North Dakota in 2023[58] and 2020.[59] In 2019, Forbes ranked Bell among the World's Best Banks and second in U.S.-only banks.[60] In 2018, Forbes named Bell Best Bank in North Dakota and Minnesota.[61]
American Banker Magazine named Bell No. 3 on its Best Banks to Work For list in 2022[62] and No. 1 in 2021. Bell also made the magazine’s list in 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013.[63]
Star Tribune Media Co. named Bell the No. 2 large workplace in 2023[64] and 2022 [65] and No. 2 large workplace and top banking workplace in Minnesota in 2021[66] and has included Bell on the StarTribune's Top Workplaces list every year since 2011.[67] In 2016, the media company also recognized Bell with an ethics award.[68]
Pay It Forward Program
Part of Bell Bank's culture is its Pay It Forward program, which Michael Solberg started in 2007.[69] The program gives full-time employees $1,000 and part-time employees $500 each year to give to people and organizations in need. Bell has given more than $25 million in employee-driven charitable giving since launching.[70]
Community outreach
In 2022, Bell launched a “Big Blue Bus” that will bring banking, mortgage and financial planning resources into neighborhoods throughout the company’s geographic area.[37] Bell also co-hosted a “shark tank” style accelerator called Get Down to Business with The Get Down Coffee Co. and Neighborhood Development Center at the 3M Open, where they gave away $100,000 to three diverse entrepreneurs to grow their businesses. The grants were funded by Bell Bank and 3M Open Fund and facilitated by Neighborhood Development Center.[71]
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Sponsorships and Endorsements
Bell has formed partnerships with athletes and other celebrities with North Dakota and Minnesota ties. Some of them work with Bell on charitable causes.[72] They include:
- Larry Fitzgerald Jr., philanthropist and former NFL player[73]
- Josh Duhamel, American actor and former fashion model[74]
- Ben Johnson (basketball), college basketball coach[75]
- Marney Gellner, Minnesota sports broadcaster[76]
- Matt Cullen, retired American NHL player[77]
- Ben Leber, retired Minnesota Vikings linebacker and sports radio personality[78]
- Gavin Kaysen, James Beard Award-winning chef, who owns three Minneapolis restaurants[79]
- Mark Tarbell, chef, restaurateur, wine columnist, Iron Chef America winner and two-time inductee into the Arizona Hall of Culinary Fame[80]
- Lindsay Whalen, University of Minnesota women's basketball coach and former Minnesota Lynx women's basketball player[72]
- Tyus Jones, American professional basketball player[72]
- Chris Hawkey, country music artist and sports radio personality[72]
- Amy Olson, American professional golfer[72]
- Tom Hoge, American professional golfer[72]
- Branden Scheel, American triathlete[81]
- Minnesota United FC, an American professional soccer club based in the Minneapolis–Saint Paul area[82]
- Arizona Cardinals, an American professional football team based in the Phoenix area[83]
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References
External links
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