Square Inc. pulls application to open a bank, says it will circle back later

Square Inc. has withdrawn an application to open a new depository bank, but said it plans to apply later to the Federal Deposit Insurance Corp.

Last September, the payments processor and its Square Capital small business loan arm filed documents with the U.S. banking regulator to form an industrial loan concern with headquarters in Utah. Square's state application with the Utah Department of Financial Institutions is still valid, the company said.

The American Banker daily industry newspaper noticed…

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