Edward Jones gets green light to launch industrial bank

The financial advisory firm initially sought an industrial loan charter back in 2020.

Published on Feb. 27, 2026

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Edward Jones has received state and federal approval to open Edward Jones Bank, an industrial bank that will take deposits and offer certificates of deposit. The firm first applied for an industrial loan charter in 2020 but withdrew the application in 2022 before resubmitting it in 2023. Edward Jones Bank will expand the firm's existing reserve line of credit portfolio to all 50 states.

Why it matters

The approval of Edward Jones' industrial bank application is part of a broader trend of companies outside the traditional banking sector, such as automakers and fintech firms, seeking to obtain industrial loan charters. These charters allow companies to offer banking services without being subject to the same regulations as traditional banks.

The details

Edward Jones Bank will be led by Andrea Moss, the former CEO of Nelnet Bank. The new bank will combine Edward Jones' existing reserve line of credit portfolio with deposit-taking and CD offerings, allowing the firm to meet clients' financial needs in a more holistic manner. Edward Jones had initially sought an industrial loan charter in 2020 but withdrew the application in 2022 before resubmitting it in 2023.

  • Edward Jones first applied for an industrial loan charter in July 2020.
  • The firm withdrew the application in October 2022.
  • Edward Jones resubmitted the application in April 2023.
  • Edward Jones received approval from the FDIC and Utah Department of Financial Institutions on February 27, 2026.
  • Edward Jones Bank is set to launch in early 2027.

The players

Edward Jones

A financial advisory firm that has received approval to open an industrial bank, Edward Jones Bank, which will take deposits and offer certificates of deposit.

Andrea Moss

The former CEO of Nelnet Bank, who will lead the new Edward Jones Bank.

Federal Deposit Insurance Corp. (FDIC)

The federal agency that granted conditional approval for Edward Jones to open its industrial bank.

Utah Department of Financial Institutions

The state agency that also granted approval for Edward Jones to open its industrial bank.

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What they’re saying

“For over a century, clients have relied on Edward Jones financial advisors for trusted investment and retirement guidance, and we recognize when client needs are shifting. With the approval of our bank application, we can now deliver even better on what our clients are asking for.”

— David Chubak, Head of wealth management and field management at Edward Jones (Edward Jones press release)

“The FDIC approval process confirms that Edward Jones has met the highest standards of safety, soundness and consumer protection in banking. Because of Edward Jones' strong presence in many underserved areas across the country, this approval will help promote financial inclusion and banking access by bringing fully regulated banking and financial services to more of the people who need them most.”

— Frank Pignanelli, Executive director, National Association of Industrial Bankers (National Association of Industrial Bankers press release)

What’s next

Edward Jones Bank is set to launch in early 2027 after receiving the necessary approvals.

The takeaway

The approval of Edward Jones' industrial bank application is part of a broader trend of companies outside the traditional banking sector seeking to offer banking services through industrial loan charters. This highlights the ongoing evolution of the financial services industry and the potential impact on consumer access to banking products and services.