Photo courtesy of Liberty Bank
Middletown, Connecticut-based Liberty Bank has launched a digital bank for small business owners in Massachusetts, the growing lender’s latest effort to expand north into the state.
Known as Owners Bank, the digital bank is also currently available to small business owners in Connecticut, Rhode Island and Pennsylvania, Liberty Bank said in a statement. Owners Bank will become available nationwide in the future.
The types of businesses Owners Bank is targeting include professional services and home services industries, such as construction, plumbing, landscaping, law, marketing and design, according to the statement.
“Big banks often fall short when it comes to servicing small businesses,” David Mitchell, founder and CEO of Owners Bank, said in the statement. “So, in an age when small businesses represent a large and impactful portion of our business landscape, workforce and economy, we thought it was about time there was a bank that caters specifically to their needs. This is why we created Owners Bank – to fill a major gap in the banking industry by providing tools designed to help small business owners knock out financial tasks, so they can get back to running their businesses.”
In addition to business interest checking and savings accounts, Owners Bank offers tools to help small businesses manage finances, set savings goals, move money, and send and accept digital payments. The bank’s digital platform also lets business owners create a personalized dashboard that consolidates all of their accounts, including those at other financial institutions, into one view.
The bank said it will offer business loans and credit beginning in mid-2023.
“With over $7 billion in assets, Liberty Bank has always been owned by its customers and is committed to putting them first,” David W. Glidden, president and CEO of Liberty Bank, said in the statement. “Our mission since inception nearly 200 years ago has always been rooted in helping the communities we serve – especially small businesses who have specific needs that Owners Bank is uniquely designed to address. With the creation of this new digital bank, we are expanding our footprint to provide even more support to small business owners who are looking for a well-established innovative banking partner.”
Mitchell will lead the digital bank’s rollout across the U.S. and its product offering evolution, the statement said. Harry Gunsallus is the digital bank’s chief operating officer, and Lizette Nigro is the chief product officer. Owners Bank also has specialists in small business banking available to provide advice to customers by telephone, online chat, email or face-to-face within the online banking site and mobile app.
Separately, Liberty Bank is planning to open a full-service branch in Massachusetts. The bank has filed an application with the Connecticut Department of Banking to open a branch in East Longmeadow next fall, where Liberty currently has a loan production office. The bank plans to close the loan production office and open one in June at One Monarch Place in Springfield, according to regulatory filings. The East Longmeadow branch would give Liberty its first branch outside of Connecticut.
