The Jones Financial Cos. LLLP of St. Louis has submitted applications to the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions to establish Edward Jones Bank, an industrial bank that would be chartered in the state.
Jones Financial is the parent company of a network of financial services companies that includes Edward Jones, a 54,000-employee company that offers such services as wealth management, retirement planning and financial advisory to more than 9 million clients. Its current banking offerings include margin loans, a securities-based line of credit, credit cards and a variety of cash management options. Edward Jones Bank would enhance these offerings by participating in the Edward Jones Insured Bank Deposit Program, issuing certificates of deposit and expanding the availability of its existing securities-based line of credit, the company said.
The firm submitted applications to establish a Utah industrial bank in July 2020 but withdrew that application in October 2022. Edward Jones announced last August that it intends to launch co-branded retail banking products later this year.
“Throughout our 103-year history, Edward Jones has provided a wide range of products, solutions and experiences to our clients,” said David Chubak, principal and head of branch development in the U.S. business unit at Jones. “Edward Jones Bank is an opportunity to simplify our clients’ financial lives and reflects our firm’s focus on meeting their evolving needs.”
“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.
The proposed Edward Jones Bank would be insured by the FDIC and subject to federal- and state-regulatory oversight. It would operate independently as a wholly owned, indirect subsidiary of The Jones Financial Cos. LLLP, 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 serve as the president and CEO of Edward Jones Bank.