Kent was friends with a local bank president at LaSalle NW, and the two teamed up to pilot the auto finance program. Kent, a State Farm agent in Chicago, came up with the idea of providing auto loans to existing policyholders. In the 1950s, State Farm held a contest among the agents, to come up with ideas to expand the State Farm business. Home mortgages are available countrywide over the phone or through agents. ![]() ![]() 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 through agents. State Farm Bank does not have branch offices. These are separate from its insurance products. The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. ![]() State Farm has expanded into the financial services arena, such as banking and mutual funds.
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