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Charles Schwab's de novo bank to consolidate trust services

Charles Schwab Corp.'s plan to create a de novo depository institution will mean the consolidation of its trust services and related activities, according to a regulatory filing recently acquired by S&P Global Market Intelligence.

The company has applied to form Charles Schwab Trust Bank, a Nevada state-chartered savings bank. It will take on the fiduciary activities and related trust assets and liabilities of Charles Schwab Bank, and the latter's retirement and benefit trust products business unit will accordingly be reorganized.

Charles Schwab Trust Bank and the Henderson, Nev.-based Charles Schwab Bank and Charles Schwab Signature Bank will be sister insured depository institutions.