First Women's Bank of California
| Company type | Private |
|---|---|
| Industry | Banking, financial services |
| Founded | 1976 in Los Angeles, California, United States |
| Founder | Virginia Mullan, Laura Liswood, "Cappy" Fogel, Betty Lessner, Veryl Mortenson, Lee Agajanian, Dianne Freestone (Modisett) Kully, Helene Beck, Julann Elizabeth Wright Griffin |
| Defunct | 1984 |
| Fate | Acquired and restructured as Guaranty Bank of California (now GBC International Bank) |
| Headquarters | Los Angeles , United States |
Area served | California |
Key people | Rowan Henry (first CEO) |
| Products | Banking services focused on women’s savings and credit establishment |
| Website | www |
The First Women's Bank of California was a financial institution located in Los Angeles that concentrated on enabling women to build savings and establish credit histories. It operated between 1976 and its acquisition in 1984.
The bank was established by a group of businesswomen, among them Virginia Mullan, Laura Liswood, "Cappy" Fogel, Betty Lessner, Veryl Mortenson, Lee Agajanian, Dianne Freestone (Modisett) Kully, Helene Beck, and Julann Elizabeth Wright Griffin. The institution capitalized on the involvement of celebrity investors and clients. Julann Griffin, who was previously married to entertainer Merv Griffin, played a key role in attracting notable stockholders and account holders.
Prominent customers included Florence Henderson, Jane Fonda, Loretta Swit, Phyllis Diller, Farrah Fawcett, and Anne Bancroft.
Although the bank’s objectives supported feminist principles by addressing women’s financial management—particularly for those post-divorce—the founders publicly emphasized that feminism was not their central motivation.
At its inception, the board could not identify a qualified female chief executive officer and consequently appointed Rowan Henry, a male executive. By the end of 1976, approximately 1,300 shareholders had purchased over $1.5 million in stock, with women comprising 63% of the investors.
Dianne Modisett, a member of the board, characterized the bank’s mission as combating gender bias in credit lending while helping women secure loans irrespective of their marital status.
In 1984, the bank was sold for $2.7 million and subsequently restructured as Guaranty Bank of California, which is currently known as GBC International Bank.
External links
- 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.