First Women's Bank of California

The First Women's Bank of California was a local Los Angeles bank dedicated to helping women save money and establish credit.[2] It operated from 1976 until its sale in 1984.[3] The bank was founded by a group of area businesswomen, which included Virginia Mullan, Laura Liswood, Cappy Fogel, Betty Lessner, Veryl Mortenson, Lee Agajanian, Dianne Freestone (Modisett) Kully, Helene Beck[4] and Julann Griffin. Griffin is the former wife of producer/entertainer Merv Griffin, and she was instrumental in convincing celebrities to buy stock in the bank and open accounts. Florence Henderson was the bank's first customer, and eventually Jane Fonda, Loretta Swit, Phyllis Diller, Farrah Fawcett and Anne Bancroft all had accounts there.[5] The bank's mission was expressly feminist. The bank's board of directors believed that many women did not have enough experience with personal finance or the same access to credit as men. The bank therefore focused on helping women manage their money, especially after divorce.

The First Women's Bank of California
FoundedNovember 1976[1]
Headquarters12301 Wilshire Blvd. Los Angeles, California
Area served
Southern California
Key people
Julann Griffin, Cappy Fogel

Ironically, when the Board first searched for a CEO they were unable to find a qualified woman. Therefore, Rowan Henry, a man, was hired.[6] By late 1976, more than $1.5 million in stock had been sold to about 1300 shareholders, 63% of whom were women.

Asked in the Occidental College Alumni magazine what it means to be a bank for women, Board member Dianne Modisett answered, "It means that we eliminate discrimination on the basis of sex. An individual must still qualify for credit or a loan, but if she doesn't, we want to assist her in becoming qualified… It doesn't make any difference to us whether the woman is single, married, divorced or widowed."[7] The First Women's Bank struggled to broaden its appeal beyond a small, politically-engaged customer base. In 1984, it was sold for $2.7 million and reorganized as the Guaranty Bank of California,[3] now GBC International Bank.

References
  1. The Bankers Magazine. Warren, Gorham & Lamont, Incorporated. 1964. p. 104.
  2. Busteed, Belinda (December 12, 1976). "First Women's Bank 'Walking a Tightrope'". Pasadena Star-News. p. 19. Retrieved 7 August 2014.
  3. "Last Of 3 'Women's Banks' In California Alters Identity". Toledo Blade. August 23, 1984. p. 40. Retrieved July 7, 2014.
  4. "Fallbrook grove's treasures". 19 January 2016.
  5. "CSR: Failure not an option for First Women Bank". Euromoney. 2018-05-02. Retrieved 2022-09-01.
  6. Times Staff (November 16, 1976). "Bank Featuring Services for Women Opens: Bank For Women". Los Angeles Times: 1.
  7. Thomas, Susan; Peter, Susan (December 1976). "First women's bank: Dianne Modisett '64". Occidental College Alumni Magazine: 31.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.