PayPal Holdings Submits Applications To Utah Department Of Financial Institutions And Federal Deposit Insurance Corp. To Establish PayPal Bank

PayPal Holdings, Inc. (NASDAQ:PYPL) today announced it has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, a proposed Utah-chartered industrial loan company. 

In addition to providing small business lending solutions, PayPal Bank expects to offer interest-bearing savings accounts to customers. PayPal Bank would also seek direct membership in the U.S. with card networks to complement processing and settlement activities through existing banking relationships. 

If approved, customer deposits at PayPal Bank would be eligible for FDIC insurance coverage. Mara McNeill has been selected to serve as PayPal Bank's President, with over 25 years of financial services experience in banking, commercial lending, and private equity. Before joining PayPal, she served as President and CEO of Toyota Financial Savings Bank.