|
Success Story
Liberty Bank of New Jersey Wins Government Deposits from Day One Using NBID’s Reciprocal Network
|
“NBID’s sleek look and easy use is both beneficial to customers and the back office at the bank. …It wasn’t only the technology. The price was right, certainly, but the team is passionate about what they do. We never had to worry about our NBID onboarding because the process was simple, fast, and easy.”
Ryan Peene, Senior Executive Vice President / Chief Operating Officer, Liberty Bank of New Jersey
|
We’re excited to share our newest success story featuring Liberty Bank of New Jersey, a de novo community bank headquartered in Short Hills, New Jersey, founded in 2026 with a mission to serve the businesses and communities of the Garden State left behind as larger banks shifted their focus elsewhere.
For a newly chartered bank, winning government depositors early is critical. New Jersey regulators look for newer banks to collateralize 100% of government deposits and for a newly chartered bank still building its balance sheet, that preference ties up the very capital needed to lend, invest, and grow. Liberty Bank of New Jersey joined NBID on day one to solve exactly that problem. Through NBID’s reciprocal deposit network, government depositors can access aggregate FDIC insurance coverage through network institutions*, reducing or eliminating the need to pledge collateral against those relationships.
The result: within the first few months of operation, Liberty Bank of New Jersey had secured government deposits that would have otherwise been out of reach, turning a competitive disadvantage into a foundation for growth.
|
