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The Jones Financial Companies LLLP group is applying to establish Edward Jones Bank, an industrial bank chartered in Utah, to ensure that financial firm Edward Jones can serve more clients, and more comprehensively.

The application has been submitted to the Federal Deposit Insurance Corporation (FDIC). The firm previously applied to establish Edward Jones Bank in July 2020 and later withdrew that application in October 2022.

At present, Edward Jones’ banking offerings, for more than 9 million clients, include margin loans, a securities-based line of credit, credit cards and cash management options. Creating Edward Jones Bank would enhance these offerings by taking part in the Edward Jones Insured Bank Deposit Program, issuing Certificates of Deposit, and expanding the availability of the existing securities-based line of credit. 

"Our clients' financial needs are increasingly complex. An affiliated bank would allow us to better meet those needs in order to achieve clients' long-term financial goals," Alison Carnie, principal and head of the banking business unit, said.

Edward Jones Bank would operate independently as a wholly-owned, indirect subsidiary of The Jones Financial Companies, with its main office in the Salt Lake City, Utah area.

Andrea Moss, who has more than 28 years of financial services and banking experience, would serve as the president and CEO of Edward Jones Bank, The Jones Financial Companies statement said. 

Edward Jones has more than 20,000 financial advisors in North America, taking care of $2.2 trillion of clients’ assets, as of December 31.