A bank built around a financial-advice relationship
Ameriprise Bank, FSB is the Minneapolis federal savings bank identified by FDIC certificate 58303. The FDIC records September 14, 2006 as its establishment date and lists it as an active OCC-supervised institution in the October 2, 2026 directory. Its banking balance sheet is distinct from Ameriprise Financial, Inc., the parent whose businesses include financial advice, asset management, retirement and protection products. Investment assets overseen by that wider group are not deposits or assets of the insured bank. [1][3]
The parent became independent through its September 2005 separation from American Express. James M. Cracchiolo became its chairman and chief executive at that separation, according to the 2025 annual report. That background matters because the bank grew within an existing advice and investment distribution system. The customer relationship could originate with a financial advisor, while the deposit obligation, investment account and insurance contract belonged to different regulated entities. The bank’s story is therefore one of changing the financial machinery behind those relationships, rather than building a conventional branch network from scratch. [3]
Retreat into trust banking, then a return to deposits
Ameriprise did not operate the same banking model continuously from 2006 onward. Its 2012 annual report describes completion in January 2013 of the conversion from a federal savings bank into a limited-powers national trust bank, renamed Ameriprise National Trust Bank. Deposit-taking and credit-origination activities ended in connection with that conversion. A trust institution can administer fiduciary relationships without maintaining the same deposit-and-loan business as a full-service savings bank. The conversion thus changed what the institution did, not simply the wording on its sign. [4]
The 2025 annual report identifies the next reversal: in May 2019, Ameriprise National Trust Bank converted to Ameriprise Bank, FSB to expand products and services supplied directly to clients. Ameriprise Financial became a savings and loan holding company subject to Federal Reserve oversight and elected financial-holding-company status. The 2006 FDIC establishment date, 2013 trust conversion and 2019 banking expansion describe different points in the same institutional evolution; none by itself means that today’s balance sheet existed throughout that history. [1][3][4]
The stated commercial purpose was broader direct service to clients. A deposit-taking bank also gives the group a place to retain eligible customer cash and earn income from assets financed by that cash. That economic explanation follows from the disclosed funding and investment model; it is not evidence of an undisclosed motive for the earlier conversion. [3][5]
The sweep mechanism connects brokerage cash to bank funding
Ameriprise’s cash disclosure distinguishes two programs. The Ameriprise Insured Money Market Account, or AIMMA, moves uninvested brokerage cash into omnibus accounts at one or more program banks, including Ameriprise Bank. An omnibus account combines customer balances operationally, while depends on satisfying applicable conditions. AIMMA advertises up to $2.5 million of combined coverage across participating banks, with the usual per-bank limits and aggregation requirements. That is a program-level maximum, not $2.5 million of protection at Ameriprise Bank alone. [5]
The Ameriprise Bank Insured Sweep Account, or ABISA, instead places cash at the affiliated Ameriprise Bank. It is primarily available for specified tax-qualified discretionary investment accounts and certain retirement-plan accounts. Its disclosure describes up to $250,000 per depositor under FDIC rules and again makes pass-through treatment conditional. Ameriprise Financial Services, LLC is the securities firm, not the insured bank. Cash held by a brokerage, money-market-fund shares and deposits placed at a bank have different legal protections. [5]
The same page explains that American Enterprise Investment Services, the affiliated clearing broker, retains compensation for administering AIMMA after crediting customer interest and meeting program costs. The precise compensation differs by bank and agreement. This is relevant to the group’s economics but should not be treated as a standalone Ameriprise Bank interest margin. An affiliated bank’s earnings and a broker’s sweep-administration revenue are different measures. [5]
Securities dominate the bank’s reported assets
At June 30, 2026, the insured bank reported $25.481 billion in assets, $23.943 billion in deposits, $2.619 billion in net loans and leases, and $1.489 billion in total equity capital. Net income was $388.4 million for the six months ended June 30, not for the second quarter alone. The FDIC amounts were converted from thousands of dollars and rounded; they are bank-level regulatory measures rather than consolidated parent results. [2]
The bank held $20.101 billion of securities and $2.481 billion of cash and balances due from depository institutions. Calculated from those same balances, securities represented 78.9% of assets, whereas net loans represented 10.3%. Net loans were only 10.9% of deposits. That unusual mix explains why describing Ameriprise simply as a lender misses its central mechanism: a large share of deposits supports an investment portfolio. Neither the cash field nor the securities balance establishes how much unencumbered would be available immediately under stress. [2]
The annual report provides a differently dated, more descriptive view. At December 31, 2025, it described $20.5 billion of available-for-sale securities in Ameriprise Bank, mostly rated AA+ and largely structured assets. Nine percent were floating-rate, down from 17% a year earlier, and investment duration was 3.8 years. These are December measures and management descriptions, not June portfolio characteristics. Duration summarizes sensitivity to interest-rate changes; it does not eliminate credit, prepayment or liquidity risk. [3]
The spread business depends on customer cash choices
For 2025, the parent reported average interest-bearing Ameriprise Bank deposits of $22.3 billion and an average rate paid of 0.28%, compared with $21.5 billion and 0.44% in 2024. The averages included cash-sweep and savings products. They are not a current advertised rate for every customer. Nor are they the funding costs of Ameriprise Certificate Company, a separate entity whose investment certificates and liabilities are discussed alongside the bank in the parent’s report. [3]
A securities-funded-by-deposits model earns a spread when asset income exceeds deposit and operating costs, but different sides of the balance sheet can reprice at different speeds. Customers can reallocate cash toward investments or higher-yielding alternatives, while securities may mature, prepay or reprice on another schedule. Ameriprise’s October 5 sweep disclosure itself shows tiered rates and alternative cash arrangements. The relationship platform supplies access to funding; it does not guarantee that all balances will remain indefinitely at the same price. [3][5]
Credit exposure also exists outside securities. June gross loans and leases were $2.631 billion, including $1.079 billion secured by real estate, $1.131 billion of consumer loans and $256.6 million of commercial and industrial loans. The FDIC reported $4.8 million of , or 0.18% of gross loans. This is a dated regulatory condition measure, not an annual loss rate or a forecast. The profile combines the June bank filing with the 2025 annual report and current product disclosure; it does not establish a later-quarter balance sheet or incorporate the parent’s June 2026 Form 10-Q. [2][3][5]
Sources
- FDIC institution directory, October 2, 2026 index; identity reviewed October 5Official sourceBack to text: ↑1↑2
- FDIC June 30, 2026 bank financials; dollar fields in thousands, net income year to dateOfficial sourceBack to text: ↑1↑2↑3
- Ameriprise Financial 2025 Form 10-K: business history, bank investments and deposit costsFiling / reportBack to text: ↑1↑2↑3↑4↑5↑6↑7↑8↑9
- Ameriprise Financial 2012 Form 10-K: January 2013 trust conversion; retained primary-source search excerptFiling / reportBack to text: ↑1↑2
- Ameriprise brokerage sweep disclosures; reviewed October 5, 2026SourceBack to text: ↑1↑2↑3↑4↑5↑6↑7