Liberty Bank launches Owners Bank, a digital bank for SMBs

By Leandra Monteiro

Liberty Bank announced the launch of Owners Bank, a digital bank created to meet the needs of small business owners. Owners Bank provides owners with the tools to manage their finances more easily and get access to money faster.

Owners Bank is initially available to small business owners in Rhode Island, Massachusetts, Connecticut and Pennsylvania, then nationally is on the horizon. Owners Bank is especially well-suited for professional services and home services industries such as construction, plumbing, landscaping, law, marketing, design and more.

“Big banks often fall short when it comes to servicing small businesses. So, 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,” said David Mitchell, Founder & CEO of Owners Bank, a division of Liberty Bank. “This is why 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.”

Owners Bank will offer business interest checking and savings accounts, but what sets the bank apart from standard banks are the digital tools offered to help small businesses manage finances, set up savings goals, move money fast, and send and accept digital payments. Through the bank’s digital platform, owners can create a personalized dashboard that consolidates all of their accounts (from Owners Bank as well as other financial institutions) into one easy-to-understand view.

“With over $7 billion in assets, Liberty Bank has always been owned by its customers and is committed to putting them first,” said David W. Glidden, President and CEO of Liberty Bank. “Our mission since inception nearly 200 years ago has always been rooted in helping the communities we serve – especially small businesses who have specific needs that Owners Bank is uniquely designed to address. With the creation of this new digital bank, we are expanding our footprint to provide even more support to small business owners who are looking for a well-established innovative banking partner.”

The bank will be led by Mitchell, a recognized innovative digital transformation executive, who is responsible for leading the digital bank’s rollout across the U.S. and its product offering evolution.