Bell Bank

Bell Bank

Company type	Private
Industry	Banking, Financial services, Mortgage lending, Insurance
Predecessor	State Bank of Fargo
Founded	1966
Founder	Thomas "Buck" Snortland and associates
Headquarters	Fargo , United States
Area served	North Dakota, Minnesota, Arizona; mortgage offices in Arizona, Colorado, Florida, Kansas, Illinois, Minnesota, Missouri, New Mexico, North Dakota, Tennessee, Wisconsin; business credit in Owensboro, Kentucky; Denver market
Key people	Michael Solberg (President and CEO), Richard Solberg (Board Chairman)
Products	Banking services, mortgage lending, trust services, flexible spending account management, health savings accounts (HSAs), equipment finance, insurance
Owner	State Bankshares; approximately 70 shareholders including families of Richard and Michael Solberg and Snortland family
Number of employees	1900+
Parent	State Bankshares

Bell Bank is a privately held financial institution based in Fargo, North Dakota, managing assets totaling $13 billion. With a workforce exceeding 1,900 employees, Bell operates 27 full-service branches throughout North Dakota, Minnesota, and Arizona. Additionally, it maintains mortgage offices in Arizona, Colorado, Florida, Kansas, Illinois, Minnesota, Missouri, New Mexico, North Dakota, Tennessee, and Wisconsin. The bank is a subsidiary of State Bankshares.

History and growth

Established in 1966 as State Bank of Fargo by Thomas "Buck" Snortland and associates, the bank initially operated from a single site in Fargo. In 2003, it expanded its offerings by acquiring Northern Capital Trust, thereby entering trust services and flexible spending account management. At that time, CEO Richard Solberg had been involved with Northern Capital Trust’s board since its formation. Subsequently, Bell introduced Discovery Benefits to oversee flexible benefits and health savings accounts (HSAs), with HealthcareBank emerging as one of the largest HSA banks linked to Discovery Benefits. In 2019, State Bankshares divested Discovery Benefits to Wex Inc. for $425 million, including certain HealthcareBank HSA assets transferred in 2021.

Bell’s growth strategy included geographic expansion and acquisitions: the 2011 purchase of Minneapolis-based Bell Mortgage facilitated entry into the Twin Cities and Phoenix markets; acquisition of The Business Bank and its Prime Mortgage Division followed in 2013; mortgage services extended into Wisconsin, New Mexico (2018), Florida, Missouri, Tennessee (2019), and Kansas (2020). In 2018, Bell initiated an equipment finance division in Minneapolis focused on sectors such as manufacturing, transportation, construction, and agriculture.

In 2019, Bell acquired Warner and Company Insurance along with its subsidiaries Schiller Insurance and Thompson-Schaefer Insurance Agency, consolidating them under the Bell Insurance brand. That year also saw the launch of its initial full-service branch in Chandler, Arizona; a second branch opened in Phoenix’s Biltmore district in 2020. Further expansion included new branches in Forest Lake and Duluth, Minnesota (2020), downtown Minneapolis (2021), and entry into the Denver market.

Bell secured a 12-story property at 520 Main Ave., Fargo, intended as its new $100 million corporate headquarters known as Bell Tower, scheduled for opening in 2024. In 2022, the bank signed a lease for a mortgage servicing center in Owensboro, Kentucky, alongside launching Bell Business Credit to offer asset-based lending and factoring solutions for companies requiring working capital.

Bell Bank maintains a 5-star rating from Bauer Financial, reflecting robust financial health well above regulatory capital standards. The institution intends to remain under private ownership.

Leadership

Michael Solberg serves as president of Bell Bank and is the third individual to hold the CEO position. He assumed this role in 2014, succeeding his father Richard Solberg who had been CEO since 1982.

Michael joined Bell Bank in 1998 after completing studies at Concordia College and William Mitchell College of Law. He progressed to COO in 2004 and president by 2009. Raised in North Dakota, he brings strong regional connections that support leadership continuity.

Richard Solberg acts as board chairman and holds significant ownership stakes. The bank’s shares are primarily held by approximately 70 shareholders, mainly families of Richard and Michael Solberg as well as Julie Snortland and Laura Snortland Fairfield. Other notable shareholders have included Thomas "Buck" Snortland and his son Thomas "Mickey" Snortland—both prominent local investors.

Before leading Bell Bank, Richard Solberg was president of Citizens State Bank in Finley, North Dakota. He is also an alumnus of Concordia College. Under his stewardship, Bell grew from a single branch with $28 million in assets to a network of 20 branches across North Dakota and Minnesota managing assets exceeding $3 billion. In recognition of his contributions, he received the Legacy Leader Award from the Fargo Moorhead West Fargo Chamber of Commerce in 2022.

Both Richard and Michael Solberg were honored as Bankers of the Year by NorthWestern Financial Review in 2012.

The executive team includes Patrick Chaffee (EVP banking, wealth management & insurance), Todd Lee (EVP banking & commercial lending), Laine Brantner (EVP/COO), Julie Peterson Klein (EVP/chief of staff & culture officer), Tony Weick (EVP/Bell Bank Mortgage president), Lynn Johnson (EVP/retail banking), Jon Aarsvold (EVP/chief credit officer), Jenny Senecal (EVP/deputy chief credit officer), Jena Cogswell (EVP/chief marketing officer), Tim Gelinske (EVP/strategic initiatives), Blake Nelson (EVP/CFO), Gary Inman (EVP/information systems manager), and Jesse Schwab (EVP/chief risk officer).

Company culture

Bell Bank’s workplace environment has been featured by various media sources, including USA Today, People, and the BBC. The bank’s guiding principle is encapsulated in its mission: Happy Employees! Happy Customers! Michael Solberg credits the institution’s expansion and financial success to its focus on employee well-being. In 2016, Bell introduced an employee stock ownership plan (ESOP) as part of its retirement package, allocating a share of employee retirement assets into State Bankshares stock.

Awards received by Bell Bank

Bell Bank has garnered multiple accolades within the financial industry. In 2022, Fortune recognized Bell as one of the 100 Best Companies to Work For and consistently honored it as a Best Workplace in Financial Services & Insurance, as well as for Women, Millennials, and Parents between 2019 and 2023. People ranked Bell 8th in their 2023 list of 100 Companies That Care, marking a significant rise since 2021.

In both 2023 and 2020, Forbes included Bell among the World's Best Banks and named it Best-in-State for North Dakota, while in 2019 it was ranked second among banks operating solely in the U.S. American Banker Magazine placed Bell at No. 1 on its Best Banks to Work For list in 2021 and No. 3 in 2022, with regular appearances dating back to 2013.

The Star Tribune Media Co. designated Bell as the No. 2 large workplace in Minnesota for both 2022 and 2023, consistently featuring it on their Top Workplaces roster since 2011. Additionally, Bell earned an ethics award from this organization in 2016.

These honors reflect Bell Bank’s effective leadership in cultivating a robust corporate culture that supports sustained business development and market presence.

Pay It Forward Program

A key element of Bell Bank’s culture is the Pay It Forward initiative, launched by founder Michael Solberg in 2007. This program empowers employees to contribute by providing $1,000 annually to full-time staff and $500 to part-time employees for charitable giving aimed at individuals and organizations in need. Since its establishment, the program has facilitated over $25 million in donations, demonstrating Bell’s dedication to community support.

Community Outreach

In 2022, Bell introduced the "Big Blue Bus," a mobile service delivering banking, mortgage assistance, and financial planning directly to communities within its service area. Moreover, Bell partnered to host the Get Down to Business accelerator during the 3M Open tournament, awarding $100,000 in grants to three entrepreneurs from diverse backgrounds. These grants are funded through collaboration between Bell Bank and the 3M Open Fund, with support from the Neighborhood Development Center, highlighting Bell’s commitment to nurturing business expansion and minority entrepreneurship.

Sponsorships and Endorsements

Bell Bank has formed alliances with notable athletes and public figures connected to North Dakota and Minnesota, utilizing these partnerships for brand enhancement and charitable initiatives. Prominent endorsers include:

• Larry Fitzgerald Jr., former NFL athlete and philanthropist
• Josh Duhamel, actor and ex-model
• Ben Johnson, collegiate basketball coach
• Marney Gellner, sports broadcaster from Minnesota
• Matt Cullen, retired NHL player
• Ben Leber, former linebacker for the Minnesota Vikings and sports radio host
• Gavin Kaysen, James Beard Award-winning chef and restaurateur
• Mark Tarbell, chef and winner on Iron Chef America
• Lindsay Whalen, head coach of University of Minnesota women’s basketball team and former professional athlete
• Tyus Jones, professional basketball player
• Chris Hawkey, country music singer and sports radio personality
• Amy Olson, professional golfer
• Tom Hoge, professional golfer
• Branden Scheel, triathlete

In addition, Bell supports major sports teams such as Minnesota United FC and the Arizona Cardinals, leveraging these sponsorships to strengthen its brand presence within the sports sector.