Utah’s Commissioner of Financial Institutions Conditionally Approves The Industrial Bank Charter of Edward Jones Bank

Utah’s Commissioner of Financial Institutions Conditionally Approves The Industrial Bank Charter of Edward Jones Bank

Salt Lake City – Commissioner Shaun Berrett of Utah’s Department of Financial Institutions today announced the conditional approval of an application to establish Edward Jones Bank as a Utah state-chartered industrial bank. The approval is conditioned upon, among other things, the applicant obtaining federal deposit insurance from the Federal Deposit Insurance Corporation.

Edward Jones Bank will offer a suite of banking products that will complement the parent firm’s retail brokerage business, including a cash sweep deposit program and securities-based loans. The bank will be a sister institution to Edward Jones Trust Company, a federal savings bank regulated by the Office of the Comptroller of the Currency.

Edward Jones Bank will be an indirect, wholly owned subsidiary of The Jones Financial Companies L.L.L.P., and an affiliate of Edward D. Jones & Co., L.P., a Fortune 500 broker-dealer and investment adviser serving over 9 million clients nationwide.

Utah’s Department of Financial Institutions is responsible for chartering, regulating, supervising, and examining state-chartered financial institutions. The financial services companies and individuals regulated by the department represent Utah state-chartered Banks, Industrial Banks, Holding Companies, Credit Unions, Trust Companies, Consumer Lenders, Commercial Lenders, Money Transmitters, Mortgage Servicers, Money Services Businesses, and Escrow Companies.

As of December 31, 2025, Utah-chartered depository institutions had combined total assets of $447 billion. Utah’s Department of Financial Institutions charters and regulates roughly 87 percent of the nation’s industrial bank assets and has supervised these FDIC-insured banks for over 35 years.