Proposed Sikh-focused bank gains FDIC conditional approval

Five Rivers Bank, a proposed de novo being formed by a group of Sikh-Americans, has gained conditional approval from the Federal Deposit Insurance Corp.

The Paramus, N.J., group applied with the FDIC in September 2023. The agency is requiring organizers to raise $33.5 million before the bank can open.

While Five Rivers would 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,” according to its original application. The initial focus would be northeast New Jersey.

Sikhs originated in Punjab India. The bank’s name comes from the Persian words that mean Punjab – “panj” for “five” and “aab” for “water” – the filing said.

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.