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Square Resumes Its Pursuit of a Bank Charter

Digital Transactions

After a lull of more than five months, merchant processor Square Inc. is resuming its attempt to obtain a bank charter.

A spokesperson for San Francisco-based Square confirmed Wednesday morning that the company would refile its application today. Square in September 2017 filed for an industrial-bank charter from the Utah Department of Financial Institutions and insurance from the Federal Deposit Insurance Corp., but withdrew the application in July. At the time, however, Square indicated it likely would refile at an unspecified date.


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