The Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) announced they had conditionally approved an application to establish Edward Jones Bank.
The application by The Jones Financial Companies, L.L.L.P. to establish the bank will integrate the firm’s existing reserve line of credit portfolio currently available in 47 states and Washington, D.C. and expand its availability to all 50 states, officials said. The conditional approval is a pivotal step in meeting clients’ saving, spending and borrowing needs, the company said.
“This approval marks an exciting moment in Edward Jones’ deep century-long history of helping people achieve financial fulfillment,” Edward Jones’ Managing Partner Penny Pennington said. “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.”
The bank said it would be able to take deposits through its insured bank deposit program, and that it plans to offer CDs to clients. The development complements Edward Jones’ ongoing relationship with U.S. Bank, which offers co-branded checking and credit card products to support client needs.
“For over a century, clients have relied on Edward Jones financial advisors for trusted investment and retirement guidance, and we recognize when client needs are shifting,” David Chubak, head of wealth management and field management at Edward Jones, said. “They want a more complete view of their financial lives. With the approval of our bank application, we can now deliver even better on what our clients are asking for. 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.”