St. Louis Post-Dispatch, August 5, 2020: Groups challenge Edward Jones over bank application
In its application to the FDIC, Edward Jones said the bank would be chartered in Utah and would meet its CRA obligations in the Salt Lake City area.
The two non-profit groups say Salt Lake City is a “CRA hotspot,” while St. Louis’ low-income areas suffer from a shortage of capital.
“While we recognize that Edward Jones Bank will technically hold its deposits in an office in Salt Lake City, Edward Jones’ real home is in St. Louis, where it keeps its headquarters and where it is a significant employer,” NCRC Chief Executive Jesse Van Tol said in a statement. “We support the efforts of the local groups in St. Louis that are working to promote economic opportunity in their communities.”
