NOVEMBER 24, 2020 — 111 LAYOFFS IN EARTH CITY, MISSOURI
The company has announced the closure of its Eart City office and 111 permanent layoffs commencing January 31, 2021.
Layoffs include banking positions, such as customer service representatives, bank operations representatives, consumer loan credit analysts and other support personnel.
The decision was driven by the company’s desire to exit banking operations after implementing an alliance with U.S. Bank earlier this year.
MARCH 10, 2020 — PLANNED EXIT FROM BANKING OPERATIONS
The company has executed its plan to withdraw from banking activities by forming a strategic alliance with U.S. Bank which will assume State Farm Bank’s existing deposit and credit card accounts. State Farm agents will now market U.S. Bank deposit products and co-branded credit cards to State Farm customers.
JULY 23, 2018 — BANKING TAKES A HIT AT PROCESSING CENTER WITH 136 LAYOFFS
Bloomington, Illinois-based State Farm, the insurance and finance conglomerate, has announced that it will lay off 136 bank-related employees at its Earth City, Missouri processing center.
According to a State Farm spokesperson, "Last fall, State Farm began the process of reviewing the State Farm Bank structure. This effort was part of our continual process of looking for ways to evolve toward the future and better serve our customers. We recently communicated the result of that review: State Farm Bank employees will continue to be located in Bloomington, Illinois; Phoenix, Arizona; and St. Louis, Missouri; with the majority of operations remaining in Bloomington. We currently have approximately 400 Bank employees at the facility in Earth City.
There is little doubt that this is part of an enforced cost reduction program as the bank lost $1 million in 2017 with the parent, State Farm, losing $1.7 billion.
It is believed that the State Farm, the largest auto insurer in the United States, thinks that bank represents part of a broader initiative in response to a future when much of the risk of automobile accidents may shift from the driver and car owner to the self-driving car’s manufacturer or software vendor.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?