Edward Jones in St. Louis is again looking to form an industrial bank in Utah.
The brokerage company applied with the Federal Deposit Insurance Corp. on April 11 to form Edward Jones Bank. The application wasn’t immediately available.
Edward Jones last 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.
But the brokerage firm withdrew the application in October 2022, noting in a regulatory filing that the decision reflected conversations with the FDIC and “the current environment.” The company said at that time that it would explore other ways to offer banking products to its clients.
Edward Jones and Citigroup entered into a strategic partnership in August 2023, where Citi would offer checking and savings accounts to the brokerage firm’s customers. A year later, Edward Jones and U.S. Bancorp formed a strategic partnership, where the bank would offer co-branded products to the brokerage firm’s clients.