FDIC and Utah Department of Financial Institutions green-light Edward Jones Bank

Late last month, the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) jointly announced approval of an application by The Jones Financial Cos. to establish Edward Jones Bank in Utah. 

“This is a pivotal step to more comprehensively meet clients’ saving, spending and borrowing needs and help them achieve financially what is most important to them,” Jones Financial said in response to the approval. 

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, the new bank said. The bank will also take deposits through the Edward Jones insured bank deposit program and plans to offer certificates of deposit to clients.

“This approval marks an exciting moment in Edward Jones’ deep, century-long history of helping people achieve financial fulfillment,” said Managing Partner Penny Pennington of Edward Jones. “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.”

This development complements Edward Jones’ ongoing relationship with U.S. Bank, which offers co-branded checking and credit card products — “Edward Jones Everyday Solutions Powered by U.S. Bank.”

“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,” said David Chubak, head of wealth management and field management at Edward Jones. “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.”

Edward Jones Bank President Andrea Moss and its board of directors will work in partnership with the firm’s financial advisors to bring Edward Jones Bank to fruition. The bank plans to open by early 2027 and will be headquartered in the Salt Lake City area.

Edward Jones is a financial services firm in the U.S. and through its affiliate in Canada. The firm’s more than 20,000 financial advisors serve more than 9 million clients with a total of $2.5 trillion in client assets under care as of Dec. 31, 2025. The firm has approximately 55,000 associates, with a branch presence in 68 percent of U.S. counties and most Canadian provinces and territories.