FARGO (KFGO) – State Bankshares, the parent company of Fargo-based Bell Bank is selling its subsidiary, Discovery Benefits.
Business payment specialist “WEX” will pay approximately $425 million to State Bankshares. The deal is expected to close before April 1, pending regulatory approval. State Bankshares will retain an approximately 5% equity interest in the combination of Discovery Benefits and WEX’s health division.
Bell Bank president Michael Solberg says with the addition of Discovery Benefits, WEX will employ more than 1,100 people in Fargo, West Fargo and Brookings, S.D.
Discovery Benefits was started by Bell Bank in 2003.
