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PRESS RELEASE | FEBRUARY 27, 2026 |
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FDIC Approves the Deposit Insurance Application for Edward Jones Bank, Salt Lake City, Utah |
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WASHINGTON – The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today announced the approval of a deposit insurance application submitted by the Jones Financial Companies, L.L.L.P. to establish Edward Jones Bank, which will be a Utah-chartered industrial bank.
Applications for deposit insurance are evaluated under a statutory framework of seven factors that include: the financial history and condition of the institution; the adequacy of the institution’s capital structure; the future earnings prospects of the institution; the general character and fitness of the management of the institution; the risk presented by the institution to the Deposit Insurance Fund; the convenience and needs of the community to be served by the institution; and whether the institution’s corporate powers are consistent with the purposes of the Federal Deposit Insurance Act.
Edward Jones Bank’s proposed business model will focus on providing securities-based loans nationwide funded by sweep deposits from existing clients of Edward D. Jones & Co., L.P., a subsidiary of the Jones Financial Companies. FDIC staff found that Edward Jones Bank satisfied the statutory factors for approval, subject to certain conditions and written agreements. Among other conditions, Edward Jones Bank will be required to maintain a minimum nine percent tier 1 leverage ratio. In addition, the Jones Financial Companies and two of its subsidiaries will be required to support the bank’s capital and liquidity positions.
The FDIC approval order expires if Edward Jones Bank is not established within 12 months, unless extended by the FDIC.
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