Ameriprise Forms Bank, Offers Home Lending

Ameriprise Financial Inc., a Minneapolis-based financial planning and services company, has announced the establishment of Ameriprise Bank FSB, a bank based in New York that is now launching a home lending program.The bank will offer its products primarily through a network of more than 10,000 Ameriprise financial advisers, the parent company said. "Establishing our own banking platform is an important element of meeting our clients' financial needs," said Jim Cracchiolo, chairman and chief executive officer of Ameriprise Financial. Joe Sweeney, president of financial planning, products, and services at Ameriprise, noted that buying a house is "the biggest expense most people will ever have" and said "our advisers are uniquely suited to provide solutions and suggestions for home lending and other bank products." The home lending program includes mortgages, home equity loans, and home equity line of credit. In addition to its New York headquarters, the bank will have operations in Minneapolis and Phoenix.