A group of Sikh-Americans is looking to form a bank in New Jersey that would serve their community.
The proposed Five Rivers Bank in Paramus, N.J., would be state-chartered, according to organizers’ application with the Federal Deposit Insurance Corp. The group plans to raise $33.5 million to $43.5 million in initial capital.
While Five Rivers would have a focus on the needs of Sikh-American individuals and businesses, it will also “develop a service culture and roster of products that will attract business customers of all backgrounds.” The initial focus would be northeast New Jersey.
Sikhs originated in Punjab India. The bank’s
The proposed bank’s name comes from the Persian words that mean Punjab – “panj” for “five” and “aab” for “water” – the filing said.
The filing said that Five Rivers Investment had raised nearly $2.8 million by selling shares to 32 initial investors. Those funds will count toward the initial fundraising target.
Mark Campbell is expected to serve as the bank’s chairman, president and CEO. He was president and CEO of Freedom Bank from 2009 to 2014.