State Farm Financial Companies

Type: Mutual
Founded: 1922
Headquarters: Bloomington, Illinois
Key people: Edward B. Rust Jr., CEO & Chairman
Industry: Finance and Insurance
Products: Insurance, Banking, & Investing
Website: www.statefarm.com

General Information

State Farm Insurance Companies are a group of large US insurance and financial services companies started in 1922 by former farmer George J. Mecherle (pronounced Ma-herl). The corporate headquarters is in Bloomington, Illinois.

Financial

Recently, State Farm has expanded into the financial services arena, such as banking and mutual funds. These are separate from its insurance products. This has expanded its competition beyond the traditional P&C insurance companies like Allstate, Geico, Progressive, Farmers Insurance, and USAA to include competition with leading banks and investment companies like Bank of America, Citi, JP Morgan Chase, Wells Fargo, Fidelity Investments, Charles Schwab, and eTrade.