Fargo, N.D.-based State Bank & Trust has agreed to purchase Bell Mortgage, a 130-year-old mortgage company based in Minneapolis. The anticipated purchase will combine the largest independently owned bank in Minnesota, North Dakota and South Dakota with the tri-state area's largest private mortgage company.
Bell Mortgage currently has 180 employees at 28 mortgage offices in the Twin Cities area, Bozeman, Mont., and Phoenix. State Bank & Trust has more than 500 employees at 14 full-service banking locations. Chartered in 1966, the bank has assets totaling more than $1.9 billion.
Michael Solberg, State Bank & Trust's president and chief operating officer, says the bank will offer home equity loans, construction loans and other home mortgage services to Bell's base of customers.
SOURCE: State Bank & Trust