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Bell Bank

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Bell Bank
Company typePrivate
IndustryBanking, Financial services, Mortgage, Insurance
Founded1966; 59 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

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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 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,[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]

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.[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]

Company culture

[edit]

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

[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,[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

[edit]

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

[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.[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]

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.[72] 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. ^ a b "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. ^ a b c d e f g "Son Succeeding Father As Bell State Bank & Trust CEO". Twin Cities Business. 2014-12-27. Retrieved 2023-05-19.
  8. ^ a b "Bell State Bank and Trust simplifies name". InForum. 2016-07-29. Retrieved 2023-05-19.
  9. ^ a b "Bob Buth, President Bell State Bank". Retrieved 2023-05-19.
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  11. ^ "Fargo financial institutions join". Archived from the original on 2017-12-22. Retrieved 2025-01-25.
  12. ^ "Discovery Benefits, Inc". www.discoverybenefits.com. Archived from the original on 2008-03-14.
  13. ^ a b Tribune, Patrick Kennedy Star (18 January 2019). "Bell Bank's parent company sells Fargo-based sister company for $425 million". Star Tribune. Retrieved 2023-05-19.
  14. ^ "State Bank Trust to Buy Downtown Fargo Building". www.inforum.com. Retrieved January 27, 2025.
  15. ^ "Prairie Business". Grand Forks Herald. Retrieved 2023-05-19.
  16. ^ Gawarecki, Mara (2018-08-28). "Bell expands in Wisconsin with mortgage acquisition". BankBeat. Retrieved 2023-05-19.
  17. ^ "North Dakota bank to open mortgage office in Uptown". www.bizjournals.com. Retrieved 2023-05-19.
  18. ^ "Leading Lenders Series: Bell Bank Mortgage". Orlando Magazine. 2020-07-10. Retrieved 2023-05-19.
  19. ^ Ojha, Radhika. "Bell Bank Mortgage Appoints Regional Head". DSNews. Retrieved 2023-05-19.
  20. ^ Aurellano, Arnie (2020-05-08). "Notable mortgage industry hires and promotions, April 27-May 8". Scotsman Guide. Retrieved 2023-05-19.
  21. ^ Morris, William (2018-10-08). "Bell Bank launches equipment finance unit in Minneapolis | Finance & Commerce". Retrieved 2023-05-19.
  22. ^ "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.
  23. ^ "Ribbon Cutting for Bell Bank". Retrieved 2023-05-19.
  24. ^ "Bell Bank opens new Biltmore-area branch; Western State Bank eyes new North Phoenix location". www.bizjournals.com. Retrieved 2023-05-19.
  25. ^ "Bell Bank Opens New Branch in Forest Lake MN". bell.bank. Retrieved 2023-05-19.
  26. ^ Busche, Kelly (2020-03-10). "Bell Bank renovating, moving to Duluth's Temple Opera Building". Duluth News Tribune. Retrieved 2023-05-19.
  27. ^ "Bell Bank outlines plans for City Center branch in downtown Minneapolis". www.bizjournals.com. Retrieved 2023-05-19.
  28. ^ "Experienced Banker Kern Hired to Lead Bell Bank Expansion into Denver - News | Equipment Finance Advisor". www.equipmentfa.com. Retrieved 2023-05-19.
  29. ^ "$100 million Bell Tower marching toward completion as generational project for Bell Bank". InForum. 2023-08-10. Retrieved 2023-12-06.
  30. ^ Kight, Adam (2022-05-17). "Bell Bank finalizes lease for new location in Owensboro". WEVV 44News. Retrieved 2023-05-19.
  31. ^ "Bell Bank establishes Bell Business Credit". AZ Big Media. 2022-11-16. Retrieved 2023-05-19.
  32. ^ "Bell Bank opens new headquarters building in downtown Fargo". Grand Forks Herald. 2024-05-30. Retrieved 2025-01-17.
  33. ^ "Star Ratings". BauerFinancial. Retrieved 2023-05-19.
  34. ^ a b c d "Bell State Bank & Trust Names New CEO". www.valleynewslive.com. 2014-12-17. Archived from the original on 2015-07-03.
  35. ^ a b c "Bell Bank to offer stock ownership plan to employees". InForum. 2016-11-23. Retrieved 2023-05-19.
  36. ^ "Bell State Bank & Trust majority stockholder dies". Archived from the original on 2017-12-22. Retrieved 2025-01-25.
  37. ^ a b "Bell Bank rolls out 'Big Blue Bus' for on-the-go access to banking services". InForum. 2022-06-08. Retrieved 2023-05-19.
  38. ^ "North Dakota's largest bank is fueled by growth in Twin Cities". Star Tribune. 21 November 2021. Retrieved 2023-05-19.
  39. ^ "Insights & Intuition". Grand Forks Herald. 2022-04-08. Retrieved 2023-05-19.
  40. ^ "Interview: Tony Weick, president, Bell Bank Mortgage | Finance & Commerce". 2022-01-28. Retrieved 2023-05-19.
  41. ^ "Best of the Red River Valley: Best Customer Service". InForum. 2018-11-27. Retrieved 2023-05-19.
  42. ^ "Hires and promotions (Feb. 13, 2016)". InForum. 2016-02-13. Retrieved 2023-05-19.
  43. ^ Busche, Kelly (2021-07-28). "Bell Bank names Senecal as deputy chief credit officer | Finance & Commerce". Retrieved 2023-05-19.
  44. ^ Duggan, J. D. (2022-11-02). "Jena Cogswell joins executive team at Bell Bank | Finance & Commerce". Retrieved 2023-05-19.
  45. ^ "Business People: Nelly Chick, formerly with Port Authority, joins Meda as controller". Twin Cities. 2022-11-20. Retrieved 2023-05-19.
  46. ^ "Longtime CFO Retires at Bell Bank; CFO and Controller Named - News | Equipment Finance Advisor". www.equipmentfa.com. Retrieved 2023-05-19.
  47. ^ "Bell Bank Hires Schwab as Chief Risk Officer". Monitordaily. 11 November 2020. Retrieved 2023-05-19.
  48. ^ "Michael Solberg". Bush Foundation. Retrieved 2023-05-19.
  49. ^ Wieck, Angie (2012-02-02). "Solberg father, son named 2012 Bankers of Year". www.inforum.com. Archived from the original on 2016-09-21.
  50. ^ "No. 8: Bell State Bank & Trust". American Banker. 2015-08-26. Retrieved 2023-05-19.
  51. ^ "Bell Bank". Fortune. Retrieved 2023-05-19.
  52. ^ "Fortune Best Workplaces for Women™ 2023". Great Place To Work®. Retrieved 2023-12-06.
  53. ^ "Bell Bank | 2023 Best Workplaces for Millennials". Fortune. Retrieved 2023-12-06.
  54. ^ Work, Great Place to. "Working at Bell Bank". Great Place To Work®. Retrieved 2023-05-19.
  55. ^ "PEOPLE's 100 Companies That Care in 2023: Meet the Employers Putting Their Communities First". Peoplemag. Retrieved 2023-12-06.
  56. ^ "PEOPLE's 100 Companies that Care 2022: Meet the Employers Putting Their Communities First". Peoplemag. Retrieved 2023-05-19.
  57. ^ "PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First". Peoplemag. Retrieved 2023-05-19.
  58. ^ PEACHMAN", "RACHEL RABKIN. "America's Best Banks In Each State 2023". Forbes.
  59. ^ SCHWARZ", "ALAN. "The World's Best Banks 2023". Forbes. Retrieved 2023-05-19.
  60. ^ Badenhausen, Kurt. "The World's Best Banks: ING And Citibank Lead The Way". Forbes. Retrieved 2023-05-19.
  61. ^ Badenhausen, Kurt. "The Best Banks And Credit Unions In Every State". Forbes. Retrieved 2023-05-19.
  62. ^ "Best Banks to Work For 2022". American Banker. 2022-11-15. Retrieved 2023-05-19.
  63. ^ "The Best Banks to Work For — over $10 billion of assets". American Banker. 2021-11-10. Retrieved 2023-05-19.
  64. ^ "Is your employer on the 2023 list of Minnesota's Top Workplaces?". Star Tribune. Retrieved 2023-10-16.
  65. ^ "Top Workplaces 2023". Star Tribune. Retrieved 2023-05-19.
  66. ^ Staff, Star Tribune (2021-06-17). "Ranking Minnesota's 175 Top Workplaces". www.startribune.com. Retrieved 2025-01-25.
  67. ^ "Bell Bank Profile". Top Workplaces. Retrieved 2023-05-19.
  68. ^ Tribune, Katy Read Star (24 June 2016). "Top Workplaces: Special Awards 2016". Star Tribune. Retrieved 2023-05-19.
  69. ^ "State Bank's 'Pay It Forward' initiative receiving worldwide media attention". www.inforum.com. 2007-12-18. Archived from the original on 2016-09-21.
  70. ^ "Bell Bank celebrates 15 years of Paying It Forward program and $25M in donations". InForum. 2023-02-08. Retrieved 2023-05-19.
  71. ^ "3M Open business accelerator event awards $100,000 to three Twin Cities diverse-owned small businesses". www.bizjournals.com. Retrieved 2023-05-19.
  72. ^ a b c d e f "Gophers coach Whalen signs endorsement deal with Bell Bank". Bemidji Pioneer. 2019-01-22. Archived from the original on 2019-01-24.
  73. ^ "Former Arizona Cardinal Larry Fitzgerald inks new endorsement deal with Bell Bank". www.bizjournals.com. Retrieved 2023-05-19.
  74. ^ Stotts, Ryan (2020-07-21). "Actor Josh Duhamel signs deal to become brand ambassador for Bell Bank". InForum. Retrieved 2023-05-19.
  75. ^ "Business People: United Theological Seminary names Molly T. Marshall permanent president". Twin Cities. 2022-02-20. Retrieved 2023-05-19.
  76. ^ "Business People: Xcel's Energy's Ben Fowke to retire as CEO". Twin Cities. 2021-05-16. Retrieved 2023-05-19.
  77. ^ "Matt Cullen signs endorsement deal with Bell Bank". InForum. 2019-10-01. Retrieved 2023-05-19.
  78. ^ "Business People: Bausch, Himle named to Canterbury Park board". Twin Cities. 2019-10-07. Retrieved 2023-05-19.
  79. ^ "Business People: U.S. Bank vice chair Godridge to retire". Twin Cities. 2020-02-03. Retrieved 2023-05-19.
  80. ^ "Bell Champion Mark Tarbell". bell.bank. Retrieved 2023-05-19.
  81. ^ BSCHEELTRI http://www.bscheeltri.com/about.html [dead link‍]
  82. ^ Tribune, Jack White Star (17 April 2018). "Minnesota United, Bell Bank announce gate partnership, charity support". Star Tribune. Retrieved 2023-05-19.
  83. ^ "Bell Bank becomes the official bank of Arizona Cardinals". AZ Big Media. 2023-09-18. Retrieved 2023-11-02.
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