Brokerage firm pursuing Utah industrial bank charter

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A brokerage firm in Connecticut is looking to form an industrial bank in Utah.

An entity affiliated with Interactive Brokers Group applied with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The proposed Interactive Bank would be based in South Jordan.

The group also applied with the Utah Department of Financial Institutions, according to a public notice in the Deseret News.

Interactive Brokers, formed in 1971, serves individual investors, hedge funds, proprietary trading groups, financial advisers and introducing brokers.

A copy of the application wasn’t immediately available. A call to Interactive Brokers wasn’t immediately returned, though the group acknowledged the application in a brief regulatory filing on Friday.

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Community banking ILCs De novo institutions FDIC Utah