Fargo bank chooses new name- expands to Minnesota
Posted at 5:42 PM on May 30, 2012
by Dan Gunderson
Filed under: Economy
Fargo-based State Bank & Trust is changing it's name to coincide with a move into Minnesota markets.
Earlier this year the Fargo, N.D., bank purchased a bank in Hawley, Minn., and opened it's first Twin Cities branch in Golden Valley.
State Bank & Trust president Michael Solberg said the current name is just too common among banks in Minnesota and the Dakotas.
"The generic nature of the State Bank & Trust name has led to confusion in the marketplace and for our potential customers," he said.
Later this year the bank will become Bell State Bank. Solberg said that's a unique name in the banking industry. The new name is related to the acquisition last year of Bell Mortgage in the Twin Cities.
According to Solberg, it's a strategic move aimed at the Twin Cities.
"Bell is a name that is well recognized and respected in the Twin Cities market, where we expect to see significant growth in the coming years," he said.
State Bank and Trust started in 1996 in Fargo. It has 17 locations.