Edward Jones has received regulatory approval to form Edward Jones Bank.
The Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions signed off on the brokerage’s request for an industrial loan charter.
Edward Jones Bank will allow the firm to expand its reserve line of credit portfolio nationwide. The bank will also take deposits, including plans to offer CDs to clients.
“This approval marks an exciting moment in Edward Jones’ deep century-long history of helping people achieve financial fulfillment,” Penny Pennington, Edwards Jones managing partner, said in a press release. “This expansion, along with meaningful partnerships with our financial advisors, will allow us to further help millions of families achieve what matters most to them.”
Edwards Jones said the approval complements an ongoing relationship with U.S. Bank, which offers co-branded checking and credit card products.
Andrea Moss will serve as the bank’s president. The bank plans to open by early 2027.