Edward Jones in St. Louis has abandoned a two-year quest to form an industrial bank.
The company said in a regulatory filing that it had withdrawn its applications with the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions. The broker/dealer referenced conversations with the FDIC and “the current environment.”
The company said it is exploring other ways to offer banking products to its clients.
Edward Jones filed its applications for Edward Jones Bank in July 2020. Ray Dardano, who had been the CEO of Marlin Business Bank, was tapped to lead the effort with hopes of the bank opening by the end of 2021.
“An affiliated bank would enable us to broaden our offerings for retail investors, while also supporting our approach to helping Edward Jones branch teams ensure our 7 million clients feel understood, informed, secure and in control,” Ken Cella, an Edward Jones principal, said in a press release announcing plans for the industrial bank.