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April 17, 2023

Liberty Bank launches new digital bank for small business owners

HBJ PHOTO | STEVE LASCHEVER Liberty Bank Chief Digital Officer David Mitchell said the goal of launching a digital bank is to expand in other states without opening new branches.

Just a few weeks after launching a brand-new online banking system for its more than 150,000-person customer base, Liberty Bank today announced the opening of Owners Bank, a new digital bank focused on small businesses.

Owners Bank, which will operate as a separate brand but under Liberty’s charter, will offer online banking and finance management services tailored to small business owners. The new digital bank is available only to small business owners in Connecticut, Massachusetts, Rhode Island and Pennsylvania right now, but the company said it plans to expand the bank nationally at some point.

Liberty Bank Executive Vice President, General Manager and Chief Digital Officer David Mitchell will lead the new bank as its CEO. Harry Gunsallus will serve as the company’s chief operating officer and Lizette Nigro will be chief product officer.

Mitchell told the Hartford Business Journal last year that the goal for Owners Bank is to expand into other states digitally without opening up physical branches. The target market is businesses with less than $1 million in annual revenue and 10 or fewer employees, he said at the time.

According to information from Liberty Bank, Owners Bank can assist professional services and home services industries such as construction, plumbing, landscaping, law, marketing, design and more. The digital bank can help companies manage invoicing, bill payment, cash flow and other accounting functions, in addition to offering business interest checking and savings accounts.

The bank’s digital platform will allow small business owners to create a personalized dashboard that consolidates all of their accounts, Liberty Bank said. Business loans and credit opportunities for small businesses will be available at Owners Bank starting in mid-2023, the company said.

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