Ameriprise applies for a Utah state industrial bank charter

Ameriprise Financial, an investment and financial services firm based in Minneapolis, has filed an application to convert Ameriprise Bank FSB to a state-chartered industrial bank regulated by the Utah Department of Financial Institutions (UDFI) and the Federal Deposit Insurance Corp. (FDIC).

The company is also filing an application to transition Ameriprise Bank FSB’s personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency.

The company said the changes do not impact its long-term growth strategy for the bank and enables Ameriprise to continue offering its lineup of banking solutions, including deposits, credit cards, mortgages and securities-based lending, to its wealth management clients without interruption. Converting to an industrial bank charter will help the company align capital frameworks across its businesses to compete more effectively and efficiently, a company release said.

Ameriprise Financial was founded in 1894 and maintains a network of about 10,000 financial advisors and over 13,000 total employees.