Edward Jones plans to launch bank
DES PERES — Edward Jones has submitted applications to charter an affiliated bank as a complement to its traditional asset management business.
The financial services firm said it believes the Edward Jones Bank, which would be chartered in Utah, could begin operations as soon as late 2021. If the application is approved, Ray Dardano would serve as the bank’s president, and the bank would offer new products to clients such as certain securities-based loans.
“We’re hearing from our clients that they are looking for a centralized source for saving, spending and borrowing,” Matt Burkemper, Edward Jones principal responsible for Banking, said in a statement.
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Penny Pennington, Edward Jones’ future managing partner, will continue to focus on growing the firm’s assets under care and number of financial advisors.
Edward Jones headquarters in Des Peres. Photo by Brittanie Williams of the Post-Dispatch
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