Enters into strategic alliance to bring U.S. Bank products and services to State Farm customers.
State Farm announced it was exiting its banking business and forming a strategic alliance with U.S. Bank. Under the alliance, U.S. Bank will assume State Farm Bank’s existing deposit and credit card accounts and State Farm agents will have the opportunity and tools to introduce U.S. Bank deposit products and co-branded credit cards to State Farm customers.
As part of its financial results released February 28, State Farm reported that net income in 2019 for State Farm Bank, F.S.B. was just $59 million and total assets
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