State Bank and Trust of North Dakota has closed its purchase of Bell Mortgage, a lender based in Minneapolis.
The $1.9 billion-asset Fargo, N.D., company agreed to buy Bell in November for an undisclosed price. Bell funds about $1 billion of mortgages a year, most of them through retail channels.
Bell employs 180 people in 28 mortgage offices in Minnesota, Montana and Arizona. State Bank and Trust has roughly 500 employees and 14 full-service banking sites.