The new bank, titled Ameriprise Bank, will be headquartered in New York, and have operations in Minneapolis and Phoenix. It will also sell products through Ameriprise's network of more than 10,000 financial advisers.

Minneapolis competitor Thrivent Financial for Lutherans also operates a bank, Thrivent Financial Bank. The bank has enabled Thrivent to compete against other securities broker/dealer firms, such as Merrill Lynch , that sell bank products. It is also designed to give Thrivent the ability to compete against banks that have started to offer financial planning services.

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