Liberty Bank in Middletown, Conn., has launched a digital-only bank.
The $7 billion-asset bank said in a press release that Owners Bank debuted on Monday. Owners will focus primarily on small business owners.
The digital bank will be initially available to customers in Connecticut, Massachusetts, Pennsylvania and Rhode Island prior to a national rollout.
Liberty planned to debut the bank in 2021 but faced Covid-related delays.
Services include invoicing, bill payment and cashflow management. The bank will add business loans and other credit products later this year.
“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,” David Mitchell, Owners’ founder and CEO, said in the release.
“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,” Mitchell added.