Utah’s Commissioner of Financial Institutions Conditionally Approves The Industrial Bank Charter of Ford Credit Bank

Utah’s Commissioner of Financial Institutions Conditionally Approves The Industrial Bank Charter of Ford Credit Bank

Salt Lake City – Commissioner Shaun Berrett of Utah’s Department of Financial Institutions today announced the conditional approval of an application to establish Ford Credit 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.

Ford Credit Bank will provide its services nationwide, including automotive financing for vehicles, parts, and accessories, as well as FDIC-insured online deposit accounts. The Bank will be headquartered in the Salt Lake City metropolitan area and will join sixteen other industrial banks supervised by the Department.

The Bank will be a wholly owned subsidiary of Ford Motor Credit Company, an indirect subsidiary of Ford Motor Company. Ford Motor Credit Company has active consumer lending licenses in most states, making it a significant participant in the market for automobile financing. The Bank’s activities will complement Ford Motor Credit Company’s ongoing operations.

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 September 30, 2025, Utah-chartered depository institutions had combined total assets of $433 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.