Edward Jones filed Friday to launch Edward Jones Bank.
The Jones Financial Cos. submitted an application to the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions to establish Edward Jones Bank, a Utah-chartered industrial bank.
With more than 9 million clients, Edward Jones' current banking offerings include margin loans, a securities-based line of credit, credit cards and a variety of cash management options, the firm said in a statement. Edward Jones Bank would offer up the Edward Jones Insured Bank Deposit Program, issuing certificates of deposit as well as expanding the availability of the existing securities-based line of credit.
These services will complement the co-branded retail banking products Edward Jones plans to launch later this year, as announced in August.
"Our clients' financial needs are increasingly complex. An affiliated bank would allow us to better meet those needs in order to achieve clients' long-term financial goals," said Alison Carnie, principal and head of the banking business unit.
"Throughout our 103-year history, Edward Jones has provided a wide range of products, solutions and experiences to our clients," added David Chubak, principal, head of branch development and the U.S. business unit. "Edward Jones Bank is an opportunity to simplify our clients' financial lives and reflects our firm's focus on meeting their evolving needs."
The proposed Edward Jones Bank would be insured by the FDIC and subject to federal and state regulatory oversight.
Edward Jones Bank would operate independently as a wholly owned, indirect subsidiary of The Jones Financial Cos., with its main office in the Salt Lake City area.
Andrea Moss, who has more than 28 years of financial services and banking experience, would be president and CEO of the bank.
The firm previously submitted an application to establish Edward Jones Bank in July 2020 and later withdrew that application in October 2022.
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