Bank is a branch of State Farm Insurance Companies. State Farm has made an effort to diversify and make an entrance into the Financial Services market with the charter of the Bank, which went nation-wide in 2001.
The bank offers many services that typical banks offer (Checking, Savings, IRA
s, Credit Cards, and a wide assortment of Loans
) but the unique aspect is that there are no branches. Most State Farm Agents
have been trained to handle Banking-type transactions (but not deposits). You must either make deposits by mail, ATM, Direct Deposit
, or a handful of other ways, none of which include drive-up tellers
(or their obligatory lollipops
The lack of local branches seems a bit ironic for a company that seems to pride its Insurance
sales on the fact that there's a real person taking care of you... "like a good neighbor
", but given the bank's expansion over the past two years, the response must have been decent.