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Bell Bank

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Bell Bank
Company typePrivately Held Company
IndustryBanking, Financial services, Mortgage, Insurance
Founded1966; 58 years ago (1966)
Headquarters,
Key people
Richard Solberg, Board Chairman|Michael Solberg, President & CEO|Blake Nelson, EVP/Chief Financial Officer|Julie Peterson Klein, EVP/Chief Culture Officer|Patrick Chaffee, EVP/Banking & Wealth Management|Todd Lee, EVP/Banking & Commercial Lending Administration|Tony Weick, EVP/Bell Bank Mortgage President|Jesse Schwab, EVP/chief risk officer
Number of employees
1,500
Websitehttps://bell.bank/
Bell Bank is an independently owned bank based in Fargo, North Dakota

Bell Bank is a privately-owned bank headquartered in Fargo, North Dakota,[1] with assets of more than $10 billion.[2] Bell Bank, which employs more than 1,500 people[3] (more than 560 in the Twin Cities region[4]) has banking locations in North Dakota, Minnesota and Arizona,[5] insurance locations in North Dakota and Minnesota, and mortgage locations in North Dakota, Minnesota, Wisconsin,[6] New Mexico,[7] Florida,[8] Missouri, Tennessee and Arizona.[9] State Bankshares is Bell Bank's parent company.[10]

History and growth

Bell Bank was founded as State Bank of Fargo in 1966[11] as a single location in the Northport Shopping Center in Fargo.[12] Thomas "Buck" Snortland was one of the company's founders.[13]

In 2003, the bank bought Northern Capital Trust, a trust company and flex spending adjudication business.[14] 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.[15]

Not long after the merger, Bell created a spin-off company called Discovery Benefits, which administers flexible benefits, COBRA and health savings accounts.[16] It is now one of the largest privately-owned third-party administrators in the country, and has been ranked among the fastest-growing health savings account administrators.[17] Bell also started Healthcare Bank, one of the largest health care savings account banks and a client of Discovery Benefits.[18] In January 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.[19]

In 2011, the company acquired Minneapolis-based Bell Mortgage, expanding its reach into the Twin Cities and Phoenix, Ariz.[20] The company changed its name from State Bank & Trust to Bell State Bank & Trust in 2012[21] and to Bell Bank in August, 2016.[22] In 2013, Bell acquired Minneapolis-based The Business Bank and its Prime Mortgage Division.[23] Bell Bank Mortgage expanded its offices into Wisconsin and New Mexico in 2018,[24][25] Florida, Missouri and Tennessee in 2019,[26][27] and Kansas in 2020.[28]

Bell launched an equipment finance division in Minneapolis in 2018, to serve the manufacturing, transportation, construction and agriculture industries.[29]

In January 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.[30]

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 January 2019,[31] and its second in Phoenix – Biltmore in 2020.[32]

In 2020, Bell expanded into Forest Lake, Minn.,[33] and Duluth, Minn., renovating and occupying the downtown Temple Opera Building,[34] and in 2021, Bell opened a branch in downtown Minneapolis' City Center.[35]

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.[36]

The company plans to remain privately owned.[37]

Leadership

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 50-year history.[38] He was named CEO in 2014, succeeding his father, Richard Solberg, who had been CEO since 1982.[39]

Michael Solberg was named chief operating officer in 2004[40] and president in 2009.[41] 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.[42] He grew up in Finley, North Dakota, and Fargo.[43]

Richard Solberg is the board chairman and a company shareholder.[44] 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.[45] Other major shareholders have included Thomas "Buck" Snortland[46] and his son, Thomas "Mickey" Snortland, both farmers from Sharon, North Dakota.[47]

Thomas "Mickey" Snortland, who was also a longtime director of the bank, died in 2013 of an apparent heart attack.[48]

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.[49] 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.[50]

NorthWestern Financial Review named Richard and Michael Solberg Bankers of the Year in 2012.[51]

Additional executive leadership includes: Blake Nelson, EVP/chief financial officer,[52] Julie Peterson Klein, EVP/chief culture officer,[53] Patrick Chaffee, EVP/banking and wealth management,[54] Todd Lee, EVP/banking and commercial lending administration,[55] Tony Weick, EVP/Bell Bank Mortgage president,[56] and Jesse Schwab, EVP/chief risk officer.[57]

Company culture

Several media outlets, including USA Today, People magazine and the BBC have written stories about Bell Bank's culture.[58] Bell's mission statement is Happy Employees! Happy Customers![59] Michael Solberg says the bank's growth and profits are due to the way the company treats its employees.[60] In November 2016, Bell Bank announced that it would make an employee stock ownership plan (ESOP) part of its employees' retirement benefits.[61] A portion of each employee's retirement funds will be invested in State Bankshares stock.[62]

Awards received by Bell Bank

Bell Bank has been recognized with multiple awards.

Forbes ranked Bell among the World's Best Banks and Best-in-State bank for North Dakota in 2020.[63] In 2019, Forbes ranked Bell among the World's Best Banks and second in U.S.-only banks.[64] In 2018, Forbes named Bell Best Bank in North Dakota and Minnesota.[65]

American Banker Magazine has named Bell to its Best Banks to Work For list in 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013.[66]

Star Tribune Media Co. named Bell the top large workplace and top banking workplace in Minnesota in 2020[67] and has included Bell on the StarTribune’s Top Workplaces list every year since 2011.[68] In 2016, the media company also recognized Bell with an ethics award.[69]

Fortune magazine named Bell on its list of the Best Workplaces in Financial Services & Insurance in 2019.[70]

Pay It Forward program

Part of Bell Bank's culture is its Pay It Forward program, which Michael Solberg started in 2007.[71] The program gives full-time employees $1,000 and part-time employees $500 each year to give to people and organizations in need,[72] Julie Peterson Klein heads the Pay It Forward program.[73]

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.[74] They include:

References

  1. ^ Forbes, June 26, 2018 https://www.forbes.com/companies/bell-bank/?list=best-in-state-banks#4bf8ba1d46f4
  2. ^ StarTribune, July 18, 2021 https://www.startribune.com/former-pro-soccer-player-brings-competitive-spirit-to-bell-bank/600079183/
  3. ^ The Forum of Fargo-Moorhead, Oct. 10, 2020 https://www.inforum.com/business/announcements/6711968-Bell-Insurance-Hires-2-Industry-Leaders
  4. ^ StarTribune, June, 2020 https://topworkplaces.com/publication/startribune/state-bank-trust/
  5. ^ KVRR, May 6, 2016 http://www.kvrr.com/news/local-news/bell-state-bank-celebrates-its-50th-birthday/39423848
  6. ^ Milwaukee Journal Sentinel, August 22, 2018 https://www.jsonline.com/story/money/business/2018/08/22/north-dakota-based-bell-bank-mortgage-plans-expand-into-wisconsin-acquisition-brookfields-assured-mo/1066281002/
  7. ^ StarTribune, January 17, 2019 http://www.startribune.com/bell-bank-s-parent-company-sells-fargo-based-sister-company-for-425-million/504505032/
  8. ^ Orlando Business Journal Feb 19, 2020 https://www.bizjournals.com/orlando/news/2020/02/19/north-dakota-firm-to-grow-winter-park-office-add.html
  9. ^ Phoenix Business Journal, Jan 30, 2020 www.bizjournals.com/phoenix/news/2020/01/30/north-dakota-bank-eyes-former-italian-restaurant.html
  10. ^ Twin Cities Business, January 8, 2013 http://tcbmag.com/News/Recent-News/2013/January/Bell-State-Buying-Minnetonka-based-The-Business-Ba
  11. ^ Twin Cities Business, December 17, 2014 http://tcbmag.com/News/Recent-News/2014/December/Son-Succeeding-Father-As-Bell-State-Bank-Trust-CEO
  12. ^ The Forum of Fargo-Moorhead, July 29, 2016 http://www.inforum.com/business/4083377-bell-state-bank-and-trust-simplifies-name
  13. ^ The FM Extra, September 3, 2014 http://www.thefmextra.com/bob-buth-president-bell-state-bank/
  14. ^ The Forum of Fargo-Moorhead, February 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  15. ^ The Forum of Fargo-Moorhead, July 19, 2002 http://www.inforum.com/content/fargo-financial-institutions-join
  16. ^ The Forum of Fargo-Moorhead, February 2, 2012 http://www.inforum.com/content/solberg-father-son-named-2012-bankers-year
  17. ^ "Discovery Benefits Ranks Number One in HSA Account Growth". PR.com. Retrieved 2018-06-07.
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  21. ^ The Forum of Fargo-Moorhead, July 23, 2012 http://www.inforum.com/content/state-bank-trust-buy-downtown-fargo-building
  22. ^ The Forum of Fargo-Moorhead, July 29, 2016 http://www.inforum.com/business/4083377-bell-state-bank-and-trust-simplifies-name
  23. ^ Prairie Business Magazine, April 2, 2013 http://www.prairiebusinessmagazine.com/business/3965952-fargo-bank-buys-minneapolis-bank
  24. ^ Bank Beat, Aug. 28, 2018 https://bankbeat.biz/bell-expands-in-wisconsin-with-mortgage-acquisition/
  25. ^ Albuquerque Business First, May 3, 2019 https://www.bizjournals.com/albuquerque/news/2019/05/03/bell-bank-mortgage-open-new-mexico.html
  26. ^ Orlando Magazine, July 10, 2020 https://www.orlandomagazine.com/leading-lenders-series-bell-bank-mortgage/
  27. ^ DS News, Sept. 18, 2018 https://dsnews.com/headline/09-18-2019/bell-bank-mortgage-appoints-regional-head
  28. ^ Scotsman Guide, May 08, 2020 https://www.scotsmanguide.com/browse/content/power-moves-for-may-8
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  31. ^ Chandler Chamber, January 31, 2019 http://business.chandlerchamber.com/events/details/ribbon-cutting-for-bell-bank-35901
  32. ^ Phoenix Business Journal, May 27, 2021 https://www.bizjournals.com/phoenix/news/2021/05/27/bell-bank-opens-new-branch-western-state-bank.html
  33. ^ Bell Bank, July 2, 2020 https://www.bell.bank/News/Bell/Bell-Bank-Opens-New-Branch-in-Forest-Lake-MN#sthash.es5BKqra.dpbs
  34. ^ Duluth News Tribune, March 10, 2020 https://www.duluthnewstribune.com/business/real-estate/4992058-Bell-Bank-renovating-moving-to-Duluth%E2%80%99s-Temple-Opera-Building
  35. ^ Minneapolis/St. Paul Business Journal, April 27, 2021 https://www.bizjournals.com/twincities/news/2021/04/27/bell-bank-opening-branch-in-downtown-minneapolis.html
  36. ^ Bauer Financial, January 30, 2019 https://www.bauerfinancial.com/star-ratings/?ref=#2-loadhere
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  39. ^ Twin Cities Business, December 17, 2014 http://tcbmag.com/News/Recent-News/2014/December/Son-Succeeding-Father-As-Bell-State-Bank-Trust-CEO
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  42. ^ Valley News Live, December 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
  43. ^ Valley News Live, December 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
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  47. ^ Valley News Live, December 17, 2014 http://www.valleynewslive.com/home/headlines/Bell-State-Bank--Trust-Names-New-CEO-286085881.html
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  52. ^ Equipment Finance Advisor, Jan. 08, 2021 https://www.equipmentfa.com/news/31748/longtime-cfo-retires-at-bell-bank-cfo-and-controller-named
  53. ^ The Grand Forks Herald, Feb. 25, 2017 https://www.grandforksherald.com/news/4224942-fargo-woman-has-seat-oscars-red-carpet
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  55. ^ https://www.bellbanks.com/About/Our-People/Detail/Todd-D-Lee
  56. ^ https://www.bellbanks.com/About/Our-People/Detail/Tony-Weick
  57. ^ Monitor Daily, Nov. 11, 2020 https://www.monitordaily.com/news-posts/bell-bank-hires-schwab-as-chief-risk-officer/
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