Middletown, CONNECTICUT, July 17, 2023 (GLOBE NEWSWIRE) -- Owners Bank, a digital bank created by Liberty Bank to meet the unique needs of small business owners, announced today that the bank’s offerings are now available to small business owners in Massachusetts. This news marks an inflection point for owners in Massachusetts who now have access to the same digital tools and offerings – including no-fee checking– that small businesses in Rhode Island have had access to since the bank first launched in April to help manage their finances and get fast access to cash flow.
Until now, small business owners in Massachusetts – and across the country – have felt underrepresented by their banking partner. In fact, more than half of all U.S.-based small businesses believe their primary financial institution doesn’t understand their needs. [1] And with more than 700,000 small businesses based in Massachusetts employing 1.5 million people, it’s about time for there to be a banking option tailored to those owners.[2] When small business owners sign up for an Owners Bank account, they can expect a banking option that helps them manage invoicing, bill payment, cash flow and other accounting functions, because most banks are built to support enterprises.
“For too long there hasn’t been a banking option designed to meet the specific needs of small business owners,” said David Mitchell, founder and CEO of Owners Bank. “That is why we are so proud to bring Owners Bank to this state; to fill the gap left by big banks and provide owners with the financial tools they need to thrive.”
Owners Bank’s suite of products helps small business owners succeed and grow their business at any stage with ease. Most importantly, the bank knows that cash is king to owners, and therefore announced last week the launch of small business loans and lines of credit offerings – combining quick decisions and great rates to make for fast access to cash flow. Beyond that, Owners Bank also offers standard business interest checking and savings accounts, as well as digital tools that provide busy owners with the ability to manage their finances, set savings goals, move money fast, and send and accept digital payments in one integrated platform. Owners are able to create a personalized dashboard that consolidates all of their accounts into one easy-to-understand view (from Owners Bank, as well as from other financial institutions). Additionally, the bank’s U.S.-based Business Banking Agents are specialists in small business banking and are available to offer solid advice via phone, online chat, email, or face-to-face within Owners Bank’s online banking and mobile app.
“Many members of the Owners Bank team have had previous roles as small business owners,” said Harry Gunsallus, chief operating officer of Owners Bank. “This gives us the perspective needed to craft banking solutions that make sense for small business owners because we know what they need from firsthand experience. Through our ‘no BS’ approach, Owners Bank gives small business owners who wear so many hats the tools they need to manage their business in a way that big banks have been unable to.”
To learn more, visit www.ownersbank.com.
[1] Aite Group, The Critical Role Cash Flow Management Plays in Small-Business Success
[2] Greater Boston Chamber of Commerce, Small businesses are the backbone of the Greater Boston economy
About Owners Bank
Owners Bank is all business, no BS. A new digital bank launched by Liberty Bank, one of the most established and innovative banks in the country, Owners Bank was created specifically to provide digital banking services tailored to the unique needs of small business owners. It is designed to bring a high-tech, high-touch approach to small business banking through a suite of digital apps and banking services including deposit accounts, credit cards, and lending. The company’s U.S.-based Business Banking Agents are specialists in small business banking and are available to offer solid advice via phone, online chat, email, or face-to-face within our online banking and mobile app. Owners Bank is currently available to businesses in Rhode Island, Massachusetts, Connecticut and Pennsylvania. To learn more, visit www.ownersbank.com.
About Liberty Bank
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. With more than $7 billion in assets, Liberty has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Named ‘Top Workplace’ by the Hartford Courant every year since 2012 and designated a 2021 and 2022 Best-In[1]State Bank in Connecticut by Forbes Magazine, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement. www.libertybank.com. Owners Bank is a division of Liberty Bank, which is a member FDIC, and an Equal Housing Lender.
