A financial services company has opened a bank.
Ameriprise Financial Inc., Minneapolis, says it has established Ameriprise Bank F.S.B. to offer financial products through more than 10,000 financial advisors.
Among the initial product offerings will be a home lending program, according to Joe Sweeney, president of financial planning, products and services at Ameriprise Financial and chairman of the bank’s board.
The bank opened for business with about $1.1 billion in assets.
American Express Inc., New York, owned Ameriprise up until a year ago. Before Ameriprise became a stand-alone company, it sold bank products through American Express Bank F.S.B.
The new Ameriprise bank is based in New York and has operations in Minneapolis and Phoenix.