Wal-Mart Drops its Bank Plan

After years of jockeying to get approval to open a bank, Wal-Mart Stores has suddenly dropped those plans.

“Since the approval process is now likely to take years rather than months, we decided to withdraw our application to better focus on other ways to serve customers,” said Wal-Mart Financial Services President Jane Thompson in a statement.

“We fully intend to continue to introduce new products and services that champion those who deserve convenient, lower priced financial services,” she added.

The announcement comes one day after Congressman Paul Gilmor of Ohio