State Farm to offer loans
After first offering consumer loans in Illinois and Missouri 16 months ago, State Farm Bank has expanded the service to consumers in Arizona, Nevada, and New Mexico.
|"We believe customers will find our products attractive and our rates competitive."|
Consumer loan products include auto loans, auto leases, home equity loans, and home equity lines of credit.
"We are pleased our agents in these three additional states are now in a position to offer all of our banking products," says Stan Ommen, president and CEO of State Farm Bank. "We believe customers will find our products attractive and our rates competitive."
Based in Bloomington, Ill., State Farm Bank does not have branch offices. Its regular banking services, which include checking and savings accounts, certificates of deposit, and money market accounts, are available to consumers countrywide via the Internet or over the phone, and only through agents in Arizona, Illinois, Missouri, Nevada, or New Mexico. In addition, home mortgages are available countrywide through a toll free number, (877) SF4-BANK, or through agents in these five states.
The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co.
Dick Luedke, a State Farm spokesperson, says agents in Alabama, Colorado, Indiana, Mississippi, Utah, and Wyoming will be trained to offer all State Farm Bank products by the end of the year.