Bloomington Illinois-based insurance corporation, State Farm, has almost completed its transition away from banking a year after it announced that U.S. Bank would assume State Farm Bank’s existing deposit and credit card accounts, according to a report in the Pantagraph.
State Farm, one of the nation’s major insurance companies started its bank in 1999 and offered deposit, checking and credit card services that were marketed through its network of nearly 19,000 agents.
With State Farm’s exit from banking operations expected to be completed in April, State Farm Bank credit cards are now being converted into new U.S. Bank credit cards. The company said customers have been kept updated throughout the process.
As part of the transition, State Farm Bank is also converting checking, savings, certificate of deposit and money market accounts into U.S. Bank accounts.
Last April, the company also announced HSA Bank would acquire all of State Farm Bank’s approximately 24,000 health savings accounts, including an estimated $140 million in deposits.