Five Rivers Bank, a de novo created by a group of Sikh-Americans, has opened.
The Paramus, N.J., bank debuted on May 12, according to a list shared by the Federal Deposit Insurance Corp. Organizers had to raise $33.5 million after securing conditional FDIC approval in September.
While Five Rivers aims to focus on the needs of Sikh-American individuals and businesses, it plans to also “develop a service culture and roster of products that will attract business customers of all backgrounds,” according to the group’s original application. The initial focus is northeast New Jersey.
Sikhs originated in Punjab, India, and the bank’s name derives from the Persian words that mean Punjab, “panj” for “five” and “aab” for “water,” the filing said.
Mark Campbell was lined up to serve as chairman, president, and CEO. He was president and CEO of Freedom Bank from 2009 to 2014.