“Obviously that can be scary. You’ve been at a company for five months and find out you’re leaving for seven months,” Brent Janssen said of his deployment to Texas. “Not everyone really understands what it’s like being in the military.”

Brent’s manager Jim Dabler took it in stride.

“I had full support and understanding from leadership that I made a commitment and they knew that when they hired me,” Brent explained. “Nobody ever complained or had anything negative to say.”

Additional Stressors

Brent, an analyst at State Farm^®, was deployed in Texas when he discovered his department and role was changing.

“Jim would call me after work, which was extra hours for him, to communicate what was going on and cut through to what it actually meant. It’s tough not knowing if you’re coming back to something, and I liked what I was doing with my team,” Brent shared.

“That all could have been so much harder. I was away from my family. My wife was here raising three kids, trying to take care of things. That’s already hard enough and then you add these other stressors. The way they handled it calmly made me feel at ease.”

Recognizing positive leadership

“Changes like this can be very difficult and Brent’s situation was definitely heightened because of his deployment,” Jim said. “My No. 1 focus was on my employees and to communicate and listen to where they were emotionally.”

Through all of this, Jim was a constant for Brent – offering support, information and recommendations.

“I wanted to honor Jim in some way for how he went above and beyond to help me,” Brent said.

The Employer Support of the Guard and Reserve (ESGR) is a Department of Defense office that supports part-time military personnel’s relationships with their employer. This can include:

• Working with businesses to increase awareness of applicable laws to protect service members
• Developing and promoting supportive work environments
• Providing assistance in the event of a conflict

The ESGR offers the Patriot Award, a way for service members to nominate managers for their support. Brent thought it would be the perfect way to say thank you.

“When they presented it to me, I was floored,” Jim said. “I didn’t think what I did was any more than what anyone else should do. It means a lot to me.”

Jim attributes his leadership skills to learning from other leaders in the company.

“It stems from the compassion and focus on the customer. What can we do when times are good and when times are difficult? It’s a demonstration of the culture of State Farm I’ve inherited and demonstrate as best as I can.”

HSA Bank, a division of Webster Bank, N.A., and Webster Financial Corporation (NYSE: WBS), the holding company for Webster, announced today that it had signed a definitive agreement to acquire the existing health savings accounts (HSA) of State Farm Bank, F.S.B., a subsidiary of State Farm Mutual Automobile Insurance Company, America’s largest property and casualty insurance provider. This acquisition offers State Farm Bank’s HSA accountholders new and easy ways to manage their healthcare spending and saving through an industry-leading HSA provider with more than two decades of experience.

Under the agreement, approximately 24,000 accounts, including an estimated $140 million in deposits, will transition from State Farm Bank to HSA Bank, the nation’s leading bank administrator and depository of HSAs. Expected closing is in the second or third quarter of 2020. No other terms of the transaction are being disclosed. The transaction is subject to regulatory approval and customary closing conditions.

“We look forward to welcoming State Farm Bank HSA accountholders to HSA Bank,” said Chad Wilkins, President of HSA Bank. “We are excited that State Farm selected HSA Bank as the HSA custodian of choice, and are well-equipped to help accountholders make healthcare financial decisions that are best for them in every stage of life.”

Joe Monk, President and CEO of State Farm Bank added, “State Farm and HSA Bank share a common goal to help people live confidently. HSA Bank is well positioned to help accountholders save and plan for healthcare expenses today and in retirement, and we believe it is a positive move for customers.”

Current State Farm Bank HSA accountholders do not need to take any action. Accountholders will receive communications in advance of the transition.

Barclays Capital Inc. advised State Farm in connection with this transaction.

MEDIA CONTACTS:

Alice Ferreira, Webster Bank  (203) 578-2610  acferreira@websterbank.com

Jennifer Dean, HSA Bank  (920) 453-5286  jedean@hsabank.com

Roszell Gadson, State Farm  (770) 243-9049  roszell.gadson.m2ef@statefarm.com 

State Farm, America’s largest property and casualty insurance provider, and U.S. Bank, the country’s fifth largest commercial bank, today announced a strategic alliance whereby U.S. Bank will assume State Farm Bank’s existing deposit and credit card accounts and State Farm agents will have the unique opportunity and tools to introduce U.S. Bank deposit products and co-branded credit cards to State Farm customers. This alliance will benefit State Farm customers, offering them new, easy ways to manage their banking needs.

The alliance is part of a broader strategy by State Farm to exit banking operations. In addition to assuming State Farm Bank’s existing deposit and credit card accounts, the two companies are exploring working together to provide State Farm customers with access to vehicle loans and business banking products.

“State Farm has been committed to helping people for nearly 98 years. U.S. Bank is an outstanding institution that shares our commitment to strong customer relationships,” said State Farm President and CEO Michael Tipsord. “When we combine State Farm’s deep customer relationships with the scale and capabilities of companies like U.S. Bank, we can help significantly more people.”

The transition of deposit and credit card accounts is scheduled to begin after closing, subject to regulatory approval, later this year and into 2021. Current State Farm Bank customers do not need to take any action.

“We are excited about this new alliance with State Farm because it will help us reach more customers in the moments that matter most,” said Andy Cecere, chairman, president and CEO of U.S. Bank. “It is a terrific opportunity to combine U.S. Bank products, services and digital capabilities with State Farm’s coast-to-coast network of agents. This relationship will provide State Farm customers with enhanced product options while expanding U.S. Bank’s reach into new and existing markets.”

State Farm and its affiliates are the largest providers of auto and home insurance in the United States with nearly 19,000 agents serving approximately 84 million policies and accounts.

Barclays Capital Inc. advised State Farm in connection with this transaction.