MINNEAPOLIS--(BUSINESS WIRE)--Sept. 18, 2006--
Ameriprise Financial, Inc. (NYSE:AMP), today announced
the launch of Ameriprise Bank, FSB. The bank is headquartered in New
York with operations in Minneapolis and Phoenix and offers a robust
set of products and services to help meet clients' borrowing, cash
management and personal trust needs.
Ameriprise Bank offers its products primarily through its network
of more than 10,000 Ameriprise financial advisors. Prior to the
Ameriprise Financial spin-off from American Express in September 2005,
Ameriprise Financial offered bank products through American Express
Bank, FSB.
"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. "The Bank allows
our advisors to offer more solutions to fulfill their clients'
financial planning goals and expands Ameriprise Financial product
offerings to contribute to our on-average, over-time financial
targets."
Ameriprise Bank offers a broad suite of products to meet clients'
borrowing, cash management and personal trust needs. The bank will
continue to develop new offerings that meet clients' ongoing planning
needs. The first of these is the home lending program including
mortgages, home equity loans and lines of credit.
Joe Sweeney, president of financial planning, products and
services added, "By integrating credit, lending and cash management
solutions into our financial planning process, clients have another
way to consolidate their financial obligations. Buying a house is the
biggest expense most people will ever have. It's an emotional
experience, and because of their understanding of our clients' dreams
and overall financial picture, our advisors are uniquely suited to
provide solutions and suggestions for home lending and other bank
products."
At launch, Ameriprise Bank has approximately $1.1 billion of
assets.
Sweeney is chairman of the Ameriprise Bank board of directors.
Jeff Williams is bank president and a board director. The bank is
regulated by the Office of Thrift Supervision and deposits are
FDIC-insured.
Ameriprise Bank, FSB, Member FDIC, an Equal Housing Lender, is a
subsidiary of Ameriprise Financial, Inc.
About Ameriprise Financial
Ameriprise Financial, Inc. is a leading financial planning and
services company with more than 12,000 financial advisors and
registered representatives that provides solutions for clients' asset
accumulation, income management and insurance protection needs. The
company's financial advisors deliver tailored solutions to clients
through a comprehensive and personalized financial planning approach
built on a long-term relationship with a knowledgeable advisor. The
company specializes in meeting the retirement-related financial needs
of the mass affluent. Financial advisory services and investments are
available through Ameriprise Financial Services, Inc. Member NASD and
SIPC.
For more information, visit ameriprise.com.
(C) 2006 Ameriprise Financial, Inc. All rights reserved.
Source: Ameriprise Financial, Inc.
Contact: Ameriprise Financial, Inc., Minneapolis
Elizabeth Willoughby, 612-671-0945
elizabeth.l.willoughby@ampf.com
or
Paul Johnson, 612-671-0625
paul.w.johnson@ampf.com