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Nordstrom Files Application to Establish Thrift Bank in Scottsdale, Arizona.

SEATTLE, Nov. 19 /PRNewswire/ -- Nordstrom, Inc. (Nasdaq: NOBE) today announced its intention to establish a unitary thrift charter bank in Scottsdale, Arizona. The fashion retailer filed its application with the Office of Thrift Supervision on November 18, 1998. Currently, Nordstrom owns and operates the Nordstrom National Credit Bank (NNCB) based in Englewood, Colo.

Nordstrom officials stated the thrift bank charter will enable the company to extend new financial product and service offerings to its customers while operating in Arizona's more favorable statutory environment. "This move strengthens our competitive position within financial services while expanding the products we can offer our customers," said Kevin Knight, president of Nordstrom National Credit Bank. "A thrift charter allows us to offer products and services that until now no other retailer has offered customers; this creates a new channel to serve our customers."

Knight said the newly formed thrift bank may offer such services as business credit card accounts, home equity lines of credit, and money market checking. Other products under consideration include private label check cards and some limited mortgage lending.

The Thrift will establish a headquarters location in Scottsdale, Arizona. The existing servicing locations for Nordstrom National Credit Bank will be maintained and utilized by the Thrift.

Nordstrom, Inc. is a national fashion specialty retailer operating 99 stores in 22 states. Nordstrom National Credit bank (NNCB) was established in 1991. Chartered as a credit card bank under the Competitive Equality Banking Act of 1987, NNCB operates both the Nordstrom retail charge card and Nordstrom Visa charge card. Nordstrom reported $4.9 billion in sales for 1997.
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Publication:PR Newswire
Geographic Code:1U8AZ
Date:Nov 19, 1998
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