The O’Toole Chronicles: American Spirit

Some of us have had the occasion to start a business and most have found this exercise to be equal parts, exhilarating and exhausting. Whether it be a lemonade stand when you were in grammar school, a law firm in your later years, or some other job-creating enterprise, starting a private venture is so personally rewarding and so uniquely American that I believe that spirit needs to be recognized and celebrated. If you have never created a job or took a risk, I highly recommend it.

Many of us have worked in the public sector and there is much satisfaction about contributing to a public mission to help solve hugely difficult social and economic challenges. But the rush and juice of creating a private sector business that creates a product, jobs, and allows our capitalism to rise, that is something special, so special.  Imagine one step beyond, thinking about creating an environment that gives birth to a true community bank, which, when viewed in the history of our nation, creates opportunities to allow local folks to get their first loan, qualify for a mortgage, help start small businesses, and have access to this thing we call the American Dream.

It isn’t lost on many of us that too many local banks have been swallowed up by national players. When you need to speak with a person at the bank, you can’t find a live person on the phone. Yes, Virginia, this is very frustrating, and personally speaking, those local banks that survived the game of mega-merging seem to have lost that local touch, as everything is automated and banking is no longer personal.

That all changed this year, and someone reminded the rest of us that we are capable of big things.

Tom Scrivo had a dream two years ago to start a community bank and that dream came true when Liberty Bank opened last month. I remember the moment in 2024 when Tom walked into our office and said he had been thinking of following up on a dream he had had since his college days to create a bank. Tom spent months researching what it took to accomplish this feat and consulted many others who had previously made a go of it.

Let’s bear in mind that Tom is the most in-demand lawyer in this state and heads up various important committees with the Federal and State bars. He is managing partner of the fastest-growing law firm in the state and sits on various boards. Yet, here we have it he decides to embark on a separate venture to serve our community in another capacity. Needless to say, he makes the rest of us look like we are standing still.

For those who know Tom, know that he is capable of just about anything, and now when you drive by the brick-and-mortar Liberty Bank in Verona you will see proof positive of his tenacity, his vision, his determination, and his brilliance.

Liberty Bank in Verona didn’t just happen. It wasn’t simply willed into existence by a faceless boardroom or dropped into place by some hedge fund with retired bankers on speed dial. No—while the current Liberty has the DNA and sweat of many strategic partners, friends and investors, the idea and start of Liberty Bank has the fingerprints of one person, and those belong to Tom Scrivo.

At the center of it all was Tom, a person who didn’t just think about it, he dreamed it and made it happen. Tom is the single driver who thought it up, recruited top talent, hired professionals, and got the funding over the finish line, some incredible feat that hadn’t been done in decades.

To assist and move his dream from a blueprint to a reality, Tom sought out superstars in the banking world — Keith Banks, Richard Spengler, and Ryan Peene. Each of those three has an amazing pedigree in the banking field and has now formed a leadership team that is as good as it gets. Speaking of banks, did you know that 20 years ago, New Jersey was headquarters to 135 banks and that number is now 50?

Now comes the hard part.

Tom and the bank’s leaders had to raise $40 million and embarked on the difficult task of finding investors to meet that goal. There was some grumbling in banking and business circles that that number was unachievable. Well, we all recognize that it is important to have a conservative approach to money matters, and sometimes having a negative energy nearby can serve as a supercharger of motivation. Time to put up or shut up.

In the business world, the buzz quickly built and soon 350 investors ponied up money and said “I do” to the question of do you believe in Liberty Bank. Within weeks, the $40 million target was shattered and soon the maximum amount allowed of $50 million was hit. WTF! The enthusiasm was so great that millions of dollars had to be refunded when the capital max was exceeded. Not a terrible problem to have. I was going to dedicate a paragraph to the Debbie Downers who had regular doubts about the probability of success, but I won’t out the modern-day Eeyores because they were well meaning. And having witnessed it, I now come down on the side that it is healthy and necessary to have doubters in any group.

Now the question is, will this bank succeed, and what is its mission?

The bank will be a success because it will focus on personal service –a novel concept in today’s banking world.  Liberty will target smaller and mid-sized businesses and consumers, all of whom have been badly ignored and neglected by banks over the past decades. How do you attract a crowd—among other innovations and new approaches—the bank manager and key staff will be assigned your account, and you can speak with your personal banker. As a matter of fact, customers will be provided with the personal cell numbers of the President, branch manager, and all key bank officials.  Liberty Bank will also have state-of-the-art technology, but in the end, it’s all about relationships.

The bank opens its doors on sound financial footing.  In addition to being well capitalized, unlike all other banks in the country, Liberty Bank is not saddled with underperforming legacy loans. No outdated portfolios.

Speaking of the core group, the 350 investors are people who Tom and the group all know and collectively represent the best of New Jersey. From Cape May to Bergen counties, Essex, Morris, Passaic, Middlesex, and Monmouth – there are people from all over this great State. Many of the investors are friends, family members, business owners, work colleagues, political leaders, and folks who really like each other, and all bring a massive network of potential customers. Sounds like a winning team.

I felt compelled to write this column not to pump Liberty Bank–if you want that just read the March 30^th article on BINJE—Answering the Call: Why Liberty is the Bank New Jersey Built—but I wrote this to reflect on the American entrepreneurial spirit that is alive and well today and wanted to salute Tom Scrivo for having a dream, taking the risk, achieving something that others thought impossible, and providing many in our community an opportunity to have a slice of our American Dream.

Well done Tom!