The Bank Slate


GM withdraws application to form industrial bank in Utah

General Motors Financial has withdrawn its application to form an industrial bank and receive deposit insurance.

The captive finance unit of General Motors submitted its applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions in late 2020. The state regulator approved GM Financial Bank’s application earlier this month.

“GM Financial remains confident in the viability of our bank application, which is anchored by a proven, well-capitalized business model led by an experienced management team and supported by the company’s decades of financial services expertise,” Dan Berce, GM Financial’s president and CEO, said in a press release.

“Utah’s approval validates the strength of the bank’s proposed business plan and management team, and we look forward to refiling with the FDIC and UDFI,” he added.

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