WASHINGTON (Reuters) - The Federal Reserve said on Tuesday it approved an application of Charles Schwab Corp to acquire Charles Schwab Trust Bank of Henderson, Nevada.
The state-chartered bank is a newly formed "de novo" bank, created by Schwab in an effort to expand its banking presence in the Las Vegas market. The Fed board approved the acquisition by a vote of 3-0.
(Reporting by Pete Schroeder; Editing by Phil Berlowitz)
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Founder of The Charles Schwab Corp., Charles Schwab & Co., Inc. and Charles Schwab Hong Kong Ltd., Charles Robert Schwab is an entrepreneur and businessperson who has been at the helm of 12 different companies and occupies the position of Chairman for The Charles Schwab Corp. and Chairman for Charles Schwab Bank, ssb (a subsidiary of The Charles Schwab Corp.). Mr. Schwab is also on the board of Stanford University and JustAnswer LLC and Chairman for Charles & Helen Schwab Foundation and Chairman for San Francisco Museum of Modern Art. In the past Mr. Schwab was Chairman for Laudus Institutional Trust, Chairman-Trustees Board at Schwab Annuity Portfolios, Chairman-Trustees Board at Schwab Capital Trust, Chairman-Trustees Board at Charles Schwab Family of Funds, Chairman-Trustees Board at Schwab Investments, Chairman of Charles Schwab & Co., Inc., Chairman & Chief Executive Officer at Schwab Corp. and Chairman-Trustees Board at Laudus Trust. He received an undergraduate degree from Stanford University and an MBA from Stanford Graduate School of Business.
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| CHARLES SCHWAB | Founder |
Charles Schwab Bank, SSB
 Charles Schwab Bank, SSB Regional BanksFinance Charles Schwab Bank operates as a federally chartered savings bank. It offers checking accounts, savings accounts, and mortgage services. The company is headquartered in Reno, NV. | Chairman |
