First-of-its-kind arrangement expands alliance between U.S. Bank and State Farm.
U.S. Bank and State Farm® offer customers new business banking products
Starting October 25, small business customers will have access to business banking products and services from U.S. Bank through their State Farm agents. The initial launch includes a mix of U.S. Bank’s lending, deposit, payment solutions and digital capabilities, with future plans to expand what agents can offer State Farm customers.
The expansion into business banking services marks another major enhancement of the alliance announced in early 2020 between U.S. Bank and State Farm. It follows the acquisition and conversion of the deposit and credit card portfolios of State Farm’s former federal savings bank subsidiary by U.S. Bank. Now, U.S. Bank’s business banking digital capabilities bring the best of both human relationships and digital to State Farm customers.
The arrangement also marks the first time U.S. Bank will extend a holistic suite of products to small businesses across the country, with offerings historically limited to the bank’s 26-state retail footprint.
“U.S. Bank and State Farm share a commitment to putting our customers at the center of everything we do, and by bringing together our shared values, integrity and purpose to help them achieve their aspirations, along with the strength of our individual offerings, we see an incredible opportunity to empower small businesses of all shapes and sizes,” said Tim Welsh, vice chair, Consumer and Business Banking for U.S. Bank. “When we announced the strategic alliance, we were thrilled by the potential of coming together to better serve more individuals and businesses, and this is an exciting step in that direction.”
State Farm is the largest provider of auto and home insurance in the United States with nearly 19,000 agents serving approximately 84 million policies and accounts. The opportunity to offer U.S. Bank products and services to small business customers will be available to all State Farm agents.
“When we formed the alliance with U.S. Bank, it was about more than finding the right company to acquire the deposit and credit card accounts of State Farm’s former banking subsidiary. Collaborating with U.S. Bank to expand the portfolio of banking products offered to State Farm customers while delivering a best-in-class customer experience aligns perfectly with our mission to serve more people in more ways. And that is where we saw the real potential of our alliance with U.S. Bank,” said Mike Kish, Vice President of Corporate & Business Development at State Farm. “Serving more small business customers is a priority for both organizations and our agents’ ability to offer business banking products and services for the first time is an important next step for our relationship with U.S. Bank.”
For 100 years, the mission of State Farm has been and continues to be to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and approximately 53,400 employees serve over 87 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.