Edward Jones has received conditional approval from the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to establish Edward Jones Bank.
The approval, announced by Edward Jones on Feb. 27, "is a pivotal step to more comprehensively meet clients' saving, spending and borrowing needs," Edward Jones said in a statement.
Edward Jones Bank will be a Utah-chartered industrial bank and plans to open by early 2027. It will be headquartered in the Salt Lake City area.
"This approval marks an exciting moment in Edward Jones' deep century-long history of helping people achieve financial fulfillment," said Penny Pennington, Edward Jones managing partner. "Planning for what's next looks different to every person and every family. This expansion, along with meaningful partnerships with our financial advisors, will allow us to further help millions of families achieve what matters most to them."
Edward Jones Bank will integrate the firm's existing reserve line of credit portfolio, currently available in 47 states and Washington, D.C., and expand availability to all 50 states, giving clients greater flexibility and convenience in managing their borrowing needs, Edward Jones said.
The bank will also take deposits through the Edward Jones insured bank deposit program and plans to offer CDs to clients.
"With the approval of our bank application, we can now deliver even better on what our clients are asking for," added David Chubak, head of wealth management and field management at Edward Jones. "By bringing together our client's entire financial picture, we're empowering our financial advisors to provide deeper, more meaningful advice and support clients through every stage of their financial journey."
Andrea Moss, Edward Jones Bank president, and the board of directors will partner with the firm's advisors to bring Edward Jones Bank offerings to clients, according to Edward Jones.
The firm's more than 20,000 advisors serve more than 9 million clients with $2.5 trillion in client assets under care as of Dec. 31.
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