Square Up 4%; In-House Industrial Bank Begins Operations
By Michael Dabaie
Square Inc. shares were up 4%, to $251.71, in Tuesday afternoon
The company after the market close Monday said its industrial
bank, Square Financial Services, has begun operations after
completing the charter approval process with the Federal Deposit
Insurance Corp. and the Utah Department of Financial
Square Financial Services is an independently governed
subsidiary of Square that will offer business loan and deposit
products, beginning with underwriting and originating business
loans for Square Capital's existing lending product.
"Bringing banking capability in-house enables us to operate more
nimbly, which will serve Square and our customers as we continue
the work to create financial tools that serve the underserved,"
said Square Chief Financial Officer Amrita Ahuja.
Write to Michael Dabaie at email@example.com
(END) Dow Jones Newswires
March 02, 2021 15:05 ET (20:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.