Jump to content

Bell Bank

Add links
From Wikipedia, the free encyclopedia
Bell Bank
Company typePrivate
IndustryBanking, Financial services, Mortgage, Insurance
Founded1966; 58 years ago (1966)
Headquarters
Fargo, North Dakota
,
U.S.
Key people
  • Richard Solberg (Board Chairman)
  • Michael Solberg (President & CEO)
Number of employees
1,800
Websitebell.bank

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]

History and Growth

[edit]

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, which administers flexible benefits, COBRA and health savings accounts.[12] Bell also started HealthcareBank, one of the largest health care savings account banks and a client of Discovery Benefits.[13] 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.[14]

In 2011, the company acquired Minneapolis-based Bell Mortgage, expanding its reach into the Twin Cities and Phoenix, Ariz.[15] The company changed its name from State Bank & Trust to Bell State Bank & Trust in 2012[16] and to Bell Bank in Aug., 2016.[17] In 2013, Bell acquired Minneapolis-based The Business Bank and its Prime Mortgage Division.[18] Bell Bank Mortgage expanded its offices into Wisconsin and New Mexico in 2018,[19][20] Florida, Missouri and Tennessee in 2019,[21][22] and Kansas in 2020.[23]

Bell launched an equipment finance division in Minneapolis in 2018, to serve the manufacturing, transportation, construction and agriculture industries.[24]

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.[25]

Bell Bank opened its Chandler, Ariz., branch in January, 2019.

Bell opened its first full-service bank branch in Arizona—in the city of Chandler, Arizona—in 2019,[26] and its second in Phoenix – Biltmore in 2020.[27]

In 2020, Bell expanded into Forest Lake, Minn.,[28] and Duluth, Minn., renovating and occupying the downtown Temple Opera Building.[29]

In 2021, Bell opened a branch in downtown Minneapolis' City Center[30] and announced its entrance into the Denver market.[31] 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.[32]

In 2022, Bell finalized its building lease for a new mortgage servicing center in Owensboro, Ky.[33] Bell also launched Bell Business Credit, a specialty lending team providing asset-based lending and factoring services for working capital intensive companies.[34]

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.[35]

The company plans to remain privately owned.[36]

Leadership

[edit]
Bell Bank President and CEO Michael Solberg speaks to employees.

Michael Solberg is Bell Bank's president, and the third CEO in the company's history.[37] He was named CEO in 2014, succeeding his father, Richard Solberg, who had been CEO since 1982.[38]

Michael Solberg was named chief operating officer in 2004 and president in 2009.[39] 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.[40] He grew up in Finley, North Dakota, and Fargo.[41]

Richard Solberg is the board chairman and a company shareholder.[42] 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.[43] Other major shareholders have included Thomas "Buck" Snortland[44] and his son, Thomas "Mickey" Snortland, both farmers from Sharon, North Dakota.[45]

Thomas "Mickey" Snortland, who was also a longtime director of the bank, died in 2013 of an apparent heart attack.[46]

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.[47] 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.[48] In 2022, Richard Solberg received the Legacy Leader Award from the Fargo Moorhead West Fargo Chamber of Commerce [49]

NorthWestern Financial Review named Richard and Michael Solberg Bankers of the Year in 2012.[50]

Additional executive leadership includes: Patrick Chaffee, EVP/banking, wealth management & insurance,[51] Todd Lee, EVP/banking & commercial lending administration,[52] Laine Brantner, EVP/chief operating officer, Julie Peterson Klein, EVP/chief of staff and chief culture officer,[53] Tony Weick, EVP/Bell Bank Mortgage president,[54] Lynn Johnson, EVP/retail banking,[55] Jon Aarsvold, EVP/chief credit officer, [56] Jenny Senecal, EVP/deputy chief credit officer[57] Jena Cogswell, EVP/chief marketing officer,[58] Tim Gelinske, EVP/strategic initiatives and partnerships,[59] Blake Nelson, EVP/chief financial officer,[60] Gary Inman, EVP/information systems manager, and Jesse Schwab, EVP/chief risk officer.[61]

Company Culture

[edit]

Several media outlets, including USA Today, People magazine and the BBC have written stories about Bell Bank's culture.[62] Bell's mission statement is Happy Employees! Happy Customers![63] Michael Solberg says the bank's growth and profits are due to the way the company treats its employees.[64] In 2016, Bell announced it would make an employee stock ownership plan (ESOP) part of employees' retirement benefits.[65] A portion of each employee's retirement funds will be invested in State Bankshares stock.[66]

Awards Received by Bell Bank

[edit]

Bell Bank has been recognized with multiple awards.

Fortune magazine named Bell to its list of 100 Best Companies to Work For in 2022,[67] and the Best Workplaces in Financial Services & Insurance in 2022, 2021, 2020 and 2019; Best Workplaces for Women in 2023,[68] 2022, 2021, 2020 and 2019; Best Workplaces for Millennials in 2023,[69] 2022, 2021, 2020 and 2019; and Best Workplaces for Parents in 2021 and 2020.[70]

Bell ranked 8th on People magazine's list of 100 Companies That Care,[71] 32nd in 2022[72] and 87th in 2021.[73]

Forbes ranked Bell among the World's Best Banks and Best-in-State bank for North Dakota in 2023[74] and 2020.[75] In 2019, Forbes ranked Bell among the World's Best Banks and second in U.S.-only banks.[76] In 2018, Forbes named Bell Best Bank in North Dakota and Minnesota.[77]

American Banker Magazine named Bell No. 3 on its Best Banks to Work For list in 2022[78] and No. 1 in 2021. Bell also made the magazine’s list in 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013.[79]

Star Tribune Media Co. named Bell the No. 2 large workplace in 2023[80] and 2022 [81] and No. 2 large workplace and top banking workplace in Minnesota in 2021[82] and has included Bell on the StarTribune's Top Workplaces list every year since 2011.[83] In 2016, the media company also recognized Bell with an ethics award.[84]

Pay It Forward Program

[edit]

Part of Bell Bank's culture is its Pay It Forward program, which Michael Solberg started in 2007.[85] 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.[86]

Community Outreach

[edit]

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.[87] 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.[88]

Sponsorships and Endorsements

[edit]

Bell has formed partnerships with athletes and other celebrities with North Dakota and Minnesota ties. Some of them work with Bell on charitable causes.[89] They include:

References

[edit]
  1. ^ "Bell Bank | Company Overview & News". Forbes. Retrieved 2023-05-19.
  2. ^ "Bell Bank new corporate headquarters to open in May 2024". www.bizjournals.com. Retrieved 2023-12-06.
  3. ^ "Bell Bank". Fortune. Retrieved 2023-05-19.
  4. ^ "Heralded as 'a leader's leader,' Bell Bank's Richard Solberg honored with Legacy Leader award". InForum. 2022-10-18. Retrieved 2023-05-19.
  5. ^ "Locations". bell.bank. Retrieved 2023-05-19.
  6. ^ "Minnetonka-based The Business Bank Sold to Bell State". Twin Cities Business. 2013-01-18. Retrieved 2023-05-19.
  7. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  8. ^ "Bell State Bank and Trust simplifies name". InForum. 2016-07-29. Retrieved 2023-05-19.
  9. ^ "Bob Buth, President Bell State Bank". Retrieved 2023-05-19.
  10. ^ The Forum of Fargo-Moorhead, Feb. 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  11. ^ The Forum of Fargo-Moorhead, July 19, 2002 http://www.inforum.com/content/fargo-financial-institutions-join
  12. ^ The Forum of Fargo-Moorhead, Feb. 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  13. ^ The Forum of Fargo-Moorhead, Feb. 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  14. ^ Tribune, Patrick Kennedy Star. "Bell Bank's parent company sells Fargo-based sister company for $425 million". Star Tribune. Retrieved 2023-05-19.
  15. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  16. ^ The Forum of Fargo-Moorhead, July 23, 2012 http://www.inforum.com/content/state-bank-trust-buy-downtown-fargo-building
  17. ^ "Bell State Bank and Trust simplifies name". InForum. 2016-07-29. Retrieved 2023-05-19.
  18. ^ "Prairie Business". Grand Forks Herald. Retrieved 2023-05-19.
  19. ^ Gawarecki, Mara (2018-08-28). "Bell expands in Wisconsin with mortgage acquisition". BankBeat. Retrieved 2023-05-19.
  20. ^ "North Dakota bank to open mortgage office in Uptown". www.bizjournals.com. Retrieved 2023-05-19.
  21. ^ "Leading Lenders Series: Bell Bank Mortgage". Orlando Magazine. 2020-07-10. Retrieved 2023-05-19.
  22. ^ Ojha, Radhika. "Bell Bank Mortgage Appoints Regional Head". DSNews. Retrieved 2023-05-19.
  23. ^ Aurellano, Arnie (2020-05-08). "Notable mortgage industry hires and promotions, April 27-May 8". Scotsman Guide. Retrieved 2023-05-19.
  24. ^ Morris, William (2018-10-08). "Bell Bank launches equipment finance unit in Minneapolis | Finance & Commerce". Retrieved 2023-05-19.
  25. ^ "Bell Bank to purchase Fargo-based Warner and Company Insurance and its subsidiaries in Grand Forks and Detroit Lakes". InForum. 2019-01-23. Retrieved 2023-05-19.
  26. ^ "Ribbon Cutting for Bell Bank". Retrieved 2023-05-19.
  27. ^ "Bell Bank opens new Biltmore-area branch; Western State Bank eyes new North Phoenix location". www.bizjournals.com. Retrieved 2023-05-19.
  28. ^ "Bell Bank Opens New Branch in Forest Lake MN". bell.bank. Retrieved 2023-05-19.
  29. ^ Busche, https://www duluthnewstribune com/Kelly (2020-03-10). "Bell Bank renovating, moving to Duluth's Temple Opera Building". Duluth News Tribune. Retrieved 2023-05-19.
  30. ^ "Bell Bank outlines plans for City Center branch in downtown Minneapolis". www.bizjournals.com. Retrieved 2023-05-19.
  31. ^ "Experienced Banker Kern Hired to Lead Bell Bank Expansion into Denver - News | Equipment Finance Advisor". www.equipmentfa.com. Retrieved 2023-05-19.
  32. ^ "$100 million Bell Tower marching toward completion as generational project for Bell Bank". InForum. 2023-08-10. Retrieved 2023-12-06.
  33. ^ Kight, Adam (2022-05-17). "Bell Bank finalizes lease for new location in Owensboro". WEVV 44News. Retrieved 2023-05-19.
  34. ^ "Bell Bank establishes Bell Business Credit". AZ Big Media. 2022-11-16. Retrieved 2023-05-19.
  35. ^ "Star Ratings". BauerFinancial. Retrieved 2023-05-19.
  36. ^ Tribune, Patrick Kennedy Star. "Bell Bank's parent company sells Fargo-based sister company for $425 million". Star Tribune. Retrieved 2023-05-19.
  37. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  38. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  39. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  40. ^ Valley News Live, Dec. 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
  41. ^ Valley News Live, Dec. 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
  42. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  43. ^ "Bell Bank to offer stock ownership plan to employees". InForum. 2016-11-23. Retrieved 2023-05-19.
  44. ^ "Bob Buth, President Bell State Bank". Retrieved 2023-05-19.
  45. ^ Valley News Live, Dec. 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
  46. ^ The Forum of Fargo-Moorhead, Jan. 28, 2013 http://www.inforum.com/content/bell-state-bank-trust-majority-stockholder-dies
  47. ^ Valley News Live, Dec. 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
  48. ^ "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  49. ^ "Heralded as 'a leader's leader,' Bell Bank's Richard Solberg honored with Legacy Leader award". InForum. 2022-10-18. Retrieved 2023-05-19.
  50. ^ The Forum of Fargo-Moorhead, Feb. 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  51. ^ "Bell Bank rolls out 'Big Blue Bus' for on-the-go access to banking services". InForum. 2022-06-08. Retrieved 2023-05-19.
  52. ^ "North Dakota's largest bank is fueled by growth in Twin Cities". Star Tribune. Retrieved 2023-05-19.
  53. ^ "Insights & Intuition". Grand Forks Herald. 2022-04-08. Retrieved 2023-05-19.
  54. ^ "Interview: Tony Weick, president, Bell Bank Mortgage | Finance & Commerce". 2022-01-28. Retrieved 2023-05-19.
  55. ^ "Best of the Red River Valley: Best Customer Service". InForum. 2018-11-27. Retrieved 2023-05-19.
  56. ^ "Hires and promotions (Feb. 13, 2016)". InForum. 2016-02-13. Retrieved 2023-05-19.
  57. ^ Busche, Kelly (2021-07-28). "Bell Bank names Senecal as deputy chief credit officer | Finance & Commerce". Retrieved 2023-05-19.
  58. ^ Duggan, J. D. (2022-11-02). "Jena Cogswell joins executive team at Bell Bank | Finance & Commerce". Retrieved 2023-05-19.
  59. ^ "Business People: Nelly Chick, formerly with Port Authority, joins Meda as controller". Twin Cities. 2022-11-20. Retrieved 2023-05-19.
  60. ^ "Longtime CFO Retires at Bell Bank; CFO and Controller Named - News | Equipment Finance Advisor". www.equipmentfa.com. Retrieved 2023-05-19.
  61. ^ "Bell Bank Hires Schwab as Chief Risk Officer". Monitordaily. Retrieved 2023-05-19.
  62. ^ "Michael Solberg". Bush Foundation. Retrieved 2023-05-19.
  63. ^ The Forum of Fargo-Moorhead, Feb. 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  64. ^ "No. 8: Bell State Bank & Trust". American Banker. 2015-08-26. Retrieved 2023-05-19.
  65. ^ "Bell Bank to offer stock ownership plan to employees". InForum. 2016-11-23. Retrieved 2023-05-19.
  66. ^ "Bell Bank to offer stock ownership plan to employees". InForum. 2016-11-23. Retrieved 2023-05-19.
  67. ^ "Bell Bank". Fortune. Retrieved 2023-05-19.
  68. ^ "Fortune Best Workplaces for Women™ 2023". Great Place To Work®. Retrieved 2023-12-06.
  69. ^ "Bell Bank | 2023 Best Workplaces for Millennials". Fortune. Retrieved 2023-12-06.
  70. ^ Work, Great Place to. "Working at Bell Bank". Great Place To Work®. Retrieved 2023-05-19.
  71. ^ "PEOPLE's 100 Companies That Care in 2023: Meet the Employers Putting Their Communities First". Peoplemag. Retrieved 2023-12-06.
  72. ^ "PEOPLE's 100 Companies that Care 2022: Meet the Employers Putting Their Communities First". Peoplemag. Retrieved 2023-05-19.
  73. ^ "PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First". Peoplemag. Retrieved 2023-05-19.
  74. ^ PEACHMAN", "RACHEL RABKIN. "America's Best Banks In Each State 2023". Forbes.
  75. ^ SCHWARZ", "ALAN. "The World's Best Banks 2023". Forbes. Retrieved 2023-05-19.
  76. ^ Badenhausen, Kurt. "The World's Best Banks: ING And Citibank Lead The Way". Forbes. Retrieved 2023-05-19.
  77. ^ Badenhausen, Kurt. "The Best Banks And Credit Unions In Every State". Forbes. Retrieved 2023-05-19.
  78. ^ "Best Banks to Work For 2022". American Banker. 2022-11-15. Retrieved 2023-05-19.
  79. ^ "The Best Banks to Work For — over $10 billion of assets". American Banker. 2021-11-10. Retrieved 2023-05-19.
  80. ^ "Is your employer on the 2023 list of Minnesota's Top Workplaces?". Star Tribune. Retrieved 2023-10-16.
  81. ^ "Top Workplaces 2023". Star Tribune. Retrieved 2023-05-19.
  82. ^ StarTribune, June 17, 2021 https://www.startribune.com/ranking-minnesotas-175-top-workplaces/600068589/
  83. ^ "Bell Bank Profile". Top Workplaces. Retrieved 2023-05-19.
  84. ^ Tribune, Katy Read Star. "Top Workplaces: Special Awards 2016". Star Tribune. Retrieved 2023-05-19.
  85. ^ The Forum of Fargo-Moorhead, December 18, 2007 http://www.inforum.com/content/state-banks-pay-it-forward-initiative-receiving-worldwide-media-attention
  86. ^ "Bell Bank celebrates 15 years of Paying It Forward program and $25M in donations". InForum. 2023-02-08. Retrieved 2023-05-19.
  87. ^ "Bell Bank rolls out 'Big Blue Bus' for on-the-go access to banking services". InForum. 2022-06-08. Retrieved 2023-05-19.
  88. ^ "3M Open business accelerator event awards $100,000 to three Twin Cities diverse-owned small businesses". www.bizjournals.com. Retrieved 2023-05-19.
  89. ^ The Bemidji Pioneer, Jan. 22, 2019 https://www.bemidjipioneer.com/business/announcements/4560324-gophers-coach-whalen-signs-endorsement-deal-bell-bank
  90. ^ "Former Arizona Cardinal Larry Fitzgerald inks new endorsement deal with Bell Bank". www.bizjournals.com. Retrieved 2023-05-19.
  91. ^ Stotts, https://www inforum com/Ryan (2020-07-21). "Actor Josh Duhamel signs deal to become brand ambassador for Bell Bank". InForum. Retrieved 2023-05-19.
  92. ^ "Business People: United Theological Seminary names Molly T. Marshall permanent president". Twin Cities. 2022-02-20. Retrieved 2023-05-19.
  93. ^ "Business People: Xcel's Energy's Ben Fowke to retire as CEO". Twin Cities. 2021-05-16. Retrieved 2023-05-19.
  94. ^ "Matt Cullen signs endorsement deal with Bell Bank". InForum. 2019-10-01. Retrieved 2023-05-19.
  95. ^ "Business People: Bausch, Himle named to Canterbury Park board". Twin Cities. 2019-10-07. Retrieved 2023-05-19.
  96. ^ "Business People: U.S. Bank vice chair Godridge to retire". Twin Cities. 2020-02-03. Retrieved 2023-05-19.
  97. ^ "Bell Champion Mark Tarbell". bell.bank. Retrieved 2023-05-19.
  98. ^ The Bemidji Pioneer, Jan. 22, 2019 https://www.bemidjipioneer.com/business/announcements/4560324-gophers-coach-whalen-signs-endorsement-deal-bell-bank
  99. ^ The Bemidji Pioneer, Jan. 22, 2019 https://www.bemidjipioneer.com/business/announcements/4560324-gophers-coach-whalen-signs-endorsement-deal-bell-bank
  100. ^ The Bemidji Pioneer, Jan. 22, 2019 https://www.bemidjipioneer.com/business/announcements/4560324-gophers-coach-whalen-signs-endorsement-deal-bell-bank
  101. ^ The Bemidji Pioneer, Jan. 22, 2019 https://www.bemidjipioneer.com/business/announcements/4560324-gophers-coach-whalen-signs-endorsement-deal-bell-bank
  102. ^ The Bemidji Pioneer, Jan. 22, 2019 https://www.bemidjipioneer.com/business/announcements/4560324-gophers-coach-whalen-signs-endorsement-deal-bell-bank
  103. ^ BSCHEELTRI http://www.bscheeltri.com/about.html
  104. ^ Tribune, Jack White Star. "Minnesota United, Bell Bank announce gate partnership, charity support". Star Tribune. Retrieved 2023-05-19.
  105. ^ "Bell Bank becomes the official bank of Arizona Cardinals". AZ Big Media. 2023-09-18. Retrieved 2023-11-02.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Bell_Bank&oldid=1255987629"