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State Farm Bank, which is officially recognized as "State Farm Bank, F.S.B," received its formal authorization from the OTS (Office of Thrift Supervision) in 1998. Since then, the bank has offered the same customer service and range of financial products that customers receive from the insurance side of the company.
State Farm Bank is relatively new to the lending business and began making personal, auto, and home loans to customers only in its home state, Illinois, and its neighbor state, Missouri. However, in 2000, State Farm Bank expanded and began offering consumer and home loan products to customers in Nevada, New Mexico and Arizona. State Farm Bank now operates nationwide.
Base of Operations
State Farm Bank is based in Bloomington, Illinois, and acts as a subsidiary of State Farm Insurance. The company---both State Farm Insurance and State Farm Bank---is directed by Chairman of the Board and Chief Executive Officer,
Edward B. Rust Jr. He has served as CEO since 1985, when he took over from his father, Edward B. Rust Sr.
State Farm Bank operates as a consumer banking unit. The products they offer are: checking and savings accounts, certificates of deposit, money market accounts, individual retirement accounts, and heath savings accounts (HSAs), credit cards, auto financing, HELOCs (home equity lines of credit), and business loans for business customers. State Farm Bank partnered with VISA to create four separate credit card accounts: a platinum rewards card, a student advantage card, a business account, and a proprietary "Good Neighbor" account to its long-standing customers.
State Farm Bank launched its civic involvement program, State Farm Es Para Mi, in an attempt to engage the emerging Hispanic population in the United States. Among many programs, State Farm Es Para Mi works with the Congressional Hispanic Caucus Institute to provide subsidies and scholarships to high-achieving Hispanic students.