St. Louis Post-Dispatch, August 17, 2020: Nicklaus: St. Louis or Salt Lake? Edward Jones’ real hometown should benefit from its bank
If Edward Jones wants to own a bank, and it does, it must meet the credit needs of low- and moderate-income neighborhoods in its community.
The question is, which community?
The proposed Edward Jones Bank would be based in Utah, so its application for deposit insurance says it should be judged on how it meets the needs of the Salt Lake City area.
Two non-profit groups, in comment letters to the Federal Deposit Insurance Corp., want regulators to judge the new bank instead on activities in St. Louis, home to its parent company.