What and where is WebBank?

Answer 1

WebBank is an industrial lending company (ILC), a kind of bank that is allowed to be owned by non-financial institutions. (In 2005, for example, both Warren Buffett's Berkshire Hathaway company and Walmart announced they were creating ILCs as subsudiary business divisions; because of its large size and prominent role in the non-banking economy, Walmart was pressured not to open its own ILC, and eventually withdrew their application.) ILCs, which straddle the have special regulations they must follow, and are only chartered (allowed to set up and operate in) seven states: California, Colorado, Minnesota, Indiana, Hawaii, Nevada, and Utah. Over half of existing ILCs are based in Utah.

As of January, 2012, WebBank is headquartered in Salt Lake City, UT:

WebBank

215 South State Street, Suite 800

Salt Lake City, UT 84111 Phone: (801) 456-8350

Toll Free: (888) 881-3789