The Jones Financial Companies, LLLP submits an application for an industrial banking charter

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ST. LOUIS, July 1, 2020 / PRNewswire / – The Jones Financial Companies, LLLP today announced that it has applied to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to establish the Edward Jones Bank, a Utah– chartered industrial bank.

The bank would be FDIC insured and subject to federal and state regulatory oversight. If approved, the bank would help Edward jones better meet clients’ savings, spending and borrowing needs.

“Since our founding 98 years ago, Edward jones aims to help individuals achieve their serious long-term financial goals while understanding their needs and implementing tailored solutions, ”said Ken cela, Edward jones main manager of the Client strategies group. “An affiliated bank would allow us to expand our offer for individual investors, while supporting our support approach Edward jones Branch teams make sure our 7 million customers feel understood, informed, secure and in control. Given market conditions, we believe the need to improve our financial services is more important than ever for our clients as they seek to achieve their financial goals. “

The bank application process should take some time. If the request is approved, Ray dardano would be the president of the bank and Edward jones estimates that the bank’s operations could begin at the end of 2021, when customers could see the company offer improved options for saving, spending and borrowing, including some securities lending.

“Our customers tell us they are looking for a centralized source to save, spend and borrow,” said Matt burkemper, Edward jones principal official of the Bank. “With an affiliated bank, we would be able to improve and expand our offers, to better enable Edward jones financial advisors to help clients achieve their overall financial goals.

On Edward jones
Edward D. Jones & Co., LP, a Fortune 500 company based in Saint Louis, provides financial services in the United States and, through its subsidiary, in Canada. Every aspect of the business of the business, from proposed investments to branch locations, is aimed at individual investors. The firm’s more than 19,000 financial advisers serve more than 7 million clients with a total of $ 1.2 trillion in the Assets of Supported Customers. Visit www.edwardjones.com or the recruitment site at www.careers.edwardjones.com. SIPC member.

Forward-looking statements
This press release contains forward-looking statements. You can identify forward-looking statements by words that predict or indicate future events, such as “believe”, “expect”, “intend”, “will” or “should”. All forward-looking statements involve known and unknown risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, but are not limited to, whether the industrial banking application will be approved, what benefits an industrial banking charter might bring, and the risk factors discussed in The Jones Financial Companies LLLP’s annual report on Form 10 -K for the year ended December 31, 2019 and quarterly report on Form 10-Q for the period ended March 27, 2020. These forward-looking statements were based on information, plans and estimates as of the date of this press release, and The Jones Financial Companies LLLP does not undertake to update any forward-looking statements to reflect changes in the underlying assumptions. underlying or new information.

THE SOURCE Edward jones

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