Edward D. Jones & Co.'s parent company, The Jones Financial Companies, has filed a new application to launch a Utah-chartered industrial bank, aiming to broaden its financial products and services for its growing client base.

The firm applied to the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. If approved, the proposed institution, Edward Jones Bank, would operate as a wholly owned subsidiary of The Jones Financial Companies.

AdvisorHub reports that Edward Jones initially pursued a bank charter in 2020 but withdrew the application two years later. At the time, regulatory scrutiny surrounding industrial bank charters had intensified, making the climate unfavorable. A subsequent attempt to expand its banking footprint through a third-party partnership with Citi fell through in 2023 after Citi ended its external distribution plans.

Now, Edward Jones is renewing its effort to build in-house banking capabilities. The firm says the bank charter would enable it to establish its deposit program, issue certificates of deposit, and expand securities-based lending offerings to better serve its more than 9 million clients. These new services will complement upcoming co-branded checking accounts and credit cards set to roll out later this year in partnership with U.S. Bank.

According to AdvisorHub, Andrea Moss, CEO of Salt Lake City-based Nelnet Bank, will serve as president and CEO of Edward Jones Bank.

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