I am excited to share that Ford Credit’s global banking footprint is taking a significant step forward. Following conditional approval from the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions, we are set to launch a U.S. industrial bank in Salt Lake City.

We already operate two banks in Europe, and we will draw on their expertise and experience. I am incredibly proud of the team, led by Bank President Frank Stepan, who worked tirelessly to shepherd this application through the regulatory process.

An industrial bank is a specialized financial institution that allows Ford Credit to offer diverse banking services, most notably the ability to accept insured deposits to fund our operations. Industrial banks are regulated with the same rigor as traditional commercial banks and comply with all federal and state consumer protection laws.

This is a long-term strategic initiative that will expand our capabilities, enabling us to offer additional savings options to customers, which will over time help lower our cost of funding as well as broaden our financing offerings.

The bank will start small and grow over time — much like Ford Credit did when it began in 1959 with 12 people. It will take about a year to put the people, systems, and processes in place to begin taking deposits. In the months and years that follow, we will add products such as certificates of deposit and indirect auto financing through our dealers.

As part of Ford — the automaker that assembles the most vehicles in the U.S. and employs the most hourly workers — this new bank represents an important way for us to support our U.S. customers. We are proud to launch a digital-first bank built on one of the world’s most trusted brands and one of TIME’s most iconic American companies.

Cathy O’Callaghan is president and CEO of Ford Credit.