First Women's Bank of California
The First Women's Bank of California was a Los Angeles-based bank dedicated to helping women save money and establish credit.[2] It operated from 1976 until its sale in 1984.[3]
 | |
| Founded | November 1976[1] |
|---|---|
| Headquarters | 12301 Wilshire Blvd. Los Angeles, California |
Area served | Southern California |
Key people | Julann Griffin, Cappy Fogel |
The bank was founded by a group of area businesswomen, which included Virginia Mullan, Laura Liswood, "Cappy"(Gladys) Fogel,[4] Betty Lessner, Veryl Mortenson, Lee Agajanian, Dianne Freestone (Modisett) Kully, Helene Beck[5] and Julann Elizabeth Wright 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.[6]
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.[7]
The bank's mission was generally feminist. The bank therefore focused managing women’s money, especially after divorce, although the bank’s founders publicly disavowed feminism as their mission on several occasions.[8]
Ironically, when the bank’s board members first searched for a CEO, they were unable to find a qualified woman. Therefore, Rowan Henry, a man, was hired.[9] By late 1976, more than $1.5 million in First Women’s Bank stock had been sold to about 1,300 shareholders, 63% of whom were women.
Asked in Occidental College’s alumni magazine what it meant 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."[10]
First Women's Bank was sold in 1984 for $2.7 million and reorganized as the Guaranty Bank of California, now GBC International Bank.[11]
References
edit- ^ The Bankers Magazine. Warren, Gorham & Lamont, Incorporated. 1964. p. 104.
- ^ Busteed, Belinda (December 12, 1976). "First Women's Bank 'Walking a Tightrope'". Pasadena Star-News. p. 19. Retrieved 7 August 2014.
- ^ "Last Of 3 'Women's Banks' In California Alters Identity". Toledo Blade. August 23, 1984. p. 40. Retrieved July 7, 2014.
- ^ https://www.legacy.com/us/obituaries/latimes/name/gladys-fogel-obituary?id=52503813
- ^ "Fallbrook grove's treasures". 19 January 2016.
- ^ https://fluvannareview.com/2016/06/by-christina-dimeo-2/
- ^ *"CSR: Failure not an option for First Women Bank". Euromoney. 2018-05-02. Retrieved 2022-09-01.
- https://wmccollections.omeka.net/exhibits/show/findingaids/firstwomensbank
- https://womensmuseum.wordpress.com/2021/06/30/from-our-archives-first-womens-bank-of-california/
- https://ferretresearch.com/2021/08/16/first-womens-banks/
- https://newsroom.fiserv.com/news-releases/news-release-details/gbc-international-bank-selects-precision-fiserv-account
- https://thebhc.org/file-download/download/public/4811
- ^ Warren, Virginia Lee (1975-09-17). "When a Bank Run by Women Opens, The Reason Is Not Always Feminism". The New York Times. ISSN 0362-4331. Retrieved 2024-08-03.
- ^ Times Staff (November 16, 1976). "Bank Featuring Services for Women Opens: Bank For Women". Los Angeles Times: 1.
- ^ Thomas, Susan; Peter, Susan (December 1976). "First women's bank: Dianne Modisett '64". Occidental College Alumni Magazine: 31.
- ^ "Toledo Blade - Google News Archive Search". news.google.com. Retrieved 2024-08-03.
External links
edit- https://www.gbcib.com/History.htm
- Anne Crittenden (August 8, 1980) "5 years along and into the black, women's banks see an end", The Miami News, p. 10A.