Ameriprise Financial Applies for a State Industrial Bank Charter
Ameriprise Financial (NYSE: AMP) has applied to convert Ameriprise Bank, FSB into a state-chartered industrial bank, regulated by the Utah Department of Financial Institutions and the FDIC. Additionally, the personal trust services business will transition to a limited purpose national trust bank regulated by the OCC. These changes support the company's growth strategy and allow it to continue providing banking solutions such as deposits and mortgages to wealth management clients without interruption. The conversion aims to enhance the alignment of capital frameworks across its businesses.
- Conversion to an industrial bank charter aligns capital frameworks across businesses.
- Continued offering of banking solutions without interruption supports client needs.
- None.
Ameriprise Financial (NYSE: AMP) has filed an application to convert Ameriprise Bank, FSB to a state-chartered industrial bank (IB) regulated by the Utah Department of Financial Institutions (UDFI) and the Federal Deposit Insurance Corporation (FDIC). The company is also filing an application to transition the FSB’s personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency (OCC).
The changes do not impact the company’s long-term growth strategy for the bank and enables Ameriprise to continue offering its strong lineup of banking solutions, including deposits, credit cards, mortgages and securities-based lending to its wealth management clients without interruption. Converting to an IB charter will help the company align capital frameworks across its businesses to compete more effectively and efficiently.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.
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FAQ
What is Ameriprise Financial planning to do with Ameriprise Bank?
Which regulatory bodies will oversee the new banking structure for Ameriprise?
What is the purpose of converting to an industrial bank for Ameriprise?
Will the changes affect Ameriprise's banking services to clients?
What happens to Ameriprise's personal trust services business?
