Edward Jones files to create bank

The corporate parent of broker-dealer Edward Jones has submitted an application to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to establish the Edward Jones Bank, a Utah-chartered industrial bank.

“If approved, the bank would help Edward Jones better serve clients’ needs for saving, spending and borrowing,” the company said in a release.

The Jones Financial Cos. said that the application process could be lengthy, and that bank operations could begin in late 2021. Ray Dardano would serve as the bank’s president, it added.

[More: Edward Jones doesn’t sell indexed annuities, bucking broker-dealer trend]

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