Ameriprise Financial requests a state industrial bank charter
MINNEAPOLIS – (COMMERCIAL THREAD) – Ameriprise Financial (NYSE: AMP) has filed an application to convert Ameriprise Bank, FSB into a state-chartered (IB) industrial bank 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 national limited-use fiat 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 allow Ameriprise to continue to offer its strong portfolio of banking solutions, including deposits, credit cards, mortgages. and securities lending to its uninterrupted wealth management clients. The conversion to an IB charter will help the company align capital executives across all of its activities to be more competitive and efficient.
About Ameriprise Financial
At Ameriprise Financial, we’ve been helping people have confidence in their financial future for over 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 meet the full range of financial needs of individual and institutional investors. . For more information or to find an Ameriprise financial advisor, visit ameriprise.com.
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