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]
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]
Richard Solberg is the boardchairman 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
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
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
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
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
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:
Arizona Cardinals, an American professional football team based in the Phoenix area[83]
Related Research Articles
Saint Paul is the capital of the U.S. state of Minnesota and the county seat of Ramsey County. Situated on high bluffs overlooking a bend in the Mississippi River, Saint Paul is a regional business hub and the center of Minnesota's government. The Minnesota State Capitol and the state government offices all sit on a hill close to the city's downtown district. One of the oldest cities in Minnesota, Saint Paul has several historic neighborhoods and landmarks, such as the Summit Avenue Neighborhood, the James J. Hill House, and the Cathedral of Saint Paul. Like the adjacent city of Minneapolis, Saint Paul is known for its cold, snowy winters and humid summers.
Jefferson Lines is a regional intercity bus company operating in the United States. Their operations serve 14 states in the Midwest and West.
U.S. Bancorp is an American multinational financial services firm headquartered in Minneapolis, Minnesota and incorporated in Delaware. It is the 5th-largest bank in the United States as of 2025. As the largest bank in the Midwestern United States, it is considered systemically important by the Financial Stability Board. It is the parent company of its primary operating entity, U.S. Bank National Association, which does business as U.S. Bank. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.
Forum Communications Company is an American multimedia and technology company headquartered in Fargo, North Dakota. With multiple online and print news brands throughout Minnesota, North Dakota, South Dakota and Wisconsin, Forum Communications offers local news in a variety of digital and broadcast mediums in addition to various niche media brands covering specialty interests.
Computershare Limited is an Australian stock transfer company that provides corporate trust, stock transfer, and employee share plan services in many countries.
First International Bank & Trust (FIBT) is an American financial institution headquartered in Watford City, North Dakota. It is owned by Watford City Bancshares, Inc., which is owned by the Stenehjem family. FIBT is the largest bank in North Dakota and has 32 locations in North Dakota, South Dakota, Minnesota, and Arizona.
Donaldson's, previously known as the L. S. Donaldson Company, headquartered in Minneapolis, Minnesota, is a defunct department store company.
Lori Swanson is an American lawyer and politician who served as the attorney general of Minnesota from 2007 to 2019. She was the first female attorney general elected in Minnesota. In 2018, she ran for Governor of Minnesota with running mate U.S. Representative Rick Nolan finishing in third place in the Democratic-Farmer-Labor primary.
The Fargo Marathon is an annual road running marathon in Fargo, North Dakota, first held in 2005. Most years, it begins and ends inside the Fargodome, and the course also travels through Moorhead, Minnesota, Fargo's twin city. The event weekend also hosts a half marathon, 10K, and 5K. The race is a USATF-qualified course, so marathon finish times can be used to qualify for the Boston Marathon. The event has been sponsored by Sanford Health.
Alerus Financial Corporation, marketed as simply Alerus, is a chain of financial institutions headquartered in Grand Forks, North Dakota, with locations in North Dakota, Minnesota and Arizona. Alerus offers banking, mortgage, wealth management, and retirement services.
The Hennepin County Sheriff's Office (HCSO) is the sheriff's office for Hennepin County in the U.S. state of Minnesota. HCSO's main offices are in Minneapolis City Hall in the county seat of Minneapolis.
Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution according to the Financial Stability Board, and is considered one of the "Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup.
First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.
KleinBank was an American bank based in Minnesota that operated from 1907 until it was acquired by Old National Bank in 2019. KleinBank was headquartered in Chaska, Minnesota and operated 21 bank branches. In 2019, KleinBank was the largest family-owned state bank in Minnesota with assets over $1.9 billion. After being acquired the bank branches were rebranded as Old National Bank.
Richard K. Davis is an American businessman. Since January 2, 2019 Davis has served as the chief executive officer of Make-A-Wish America, having previously served as Executive Chairman and President of U.S. Bancorp.
H.B. Fuller Company is an American multinational adhesives manufacturing company headquartered in St. Paul, Minnesota. H.B. Fuller manufactures more than 20,000 products for a variety of applications, including those used in construction, engineering, electronics, hygiene products, and food packaging. Its products are made at 81 manufacturing facilities in 26 countries. As of 2024, it was the fourth-largest manufacturer of adhesives and sealants in the world, employed approximately 7,500 people, and had revenues of US$3.57 billion. Celeste Mastin is the company's chief executive officer.
Norwest Corporation was a banking and financial services company based in Minneapolis, Minnesota, United States. In 1998, it merged with Wells Fargo & Co. and since that time has operated under the Wells Fargo name.
Douglas James Burgum is an American businessman and politician who has served as the 55th United States secretary of the Interior since February 1, 2025, under President Donald Trump. A member of the Republican Party, he previously served as the 33rd governor of North Dakota from 2016 to 2024.
Heather Keeler is an American politician serving in the Minnesota House of Representatives since 2021. A member of the Democratic-Farmer-Labor Party (DFL), Keeler represents District 4A in northwest Minnesota, including the city of Moorhead and parts of Clay County. Keeler is an enrolled member of the Yankton Sioux Tribe.
O. E. Lofthus was a teacher, banker, and politician who served as the North Dakota state bank examiner from 1919 to 1921.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
