Bell Bank Explained

Bell Bank
Type:Private
Hq Location City:Fargo, North Dakota
Hq Location Country:U.S.
Industry:Banking, Financial services, Mortgage, Insurance
Num Employees:1,800

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

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 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

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

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

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

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

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

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:

Notes and References

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

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