Jones Financial Cos., parent company of broker-dealer Edward Jones, has submitted an application to establish an industrial bank. The application for Edward Jones Bank was submitted to the Federal Deposit Insurance Corp and the Utah Department of Financial Institutions.  According to Edward Jones, the new bank would be insured by the FDIC and subject to federal and state regulatory oversight.

According to a release from Jones Financial Cos., Edward Jones Bank "would help Edward Jones better serve clients' needs for saving, spending and borrowing." Edward Jones said that the bank may also offer certain securities-based loans. However, the bank is not expected begin operations until late 2021. 

Edward Jones currently has roughly 16,000 advisors.  Many of Edward Jones competitors, including Raymond James and Charles Schwab, have their own banks. 

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