A group in New Jersey is looking to form a de novo bank.
Organizers of the proposed Liberty Bank of New Jersey applied with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking on Insurance on March 4. The bank would have a branch in Verona with its corporate headquarters in Short Hills.
The proposed bank “intends to opportunistically and prudently expand into other attractive markets throughout northern New Jersey following the initial three-year de novo period,” the application said.
Organizers have $15 million in capital commitments; the plan is to ultimately raise $35 million to $50 million. The goal is to open the bank by the end of this year.
Richard Spengler, a former chief lending officer at Investors Bank, would serve as the bank’s CEO. Investors, which was based in Short Hills, sold to Citizens Financial Group in 2022.
Other notable organizers include Keith Banks, Ryan Peene, and Thomas Scrivo.
“The establishment of Liberty Bank of New Jersey is happening at a critical time in the banking industry,” Spengler said in a press release. “There has been significant consolidation across the industry, and we are optimistic that the bank will deliver much-needed banking services for local businesses to flourish right here in the Garden State.”