A group of women has organized around the idea that women business owners aren’t being served by traditional banks, and the idea has prompted them to file an application with the FDIC for a bank charter.
“Women represent a large, powerful and growing part of the economy, and they are demanding a different banking experience,” said Marianne Markowitz, CEO of First Women’s Bank, Chicago. “It’s time for a bank that prioritizes connection, solutions and responsiveness.”
A de novo application was filed Sept. 23 to organize FWBank, which will be a state chartered bank. Crain’s Business of Chicago reports the group is raising $50 million to get the bank off the ground.
The most recent Chicago de novo opened in 2007.
Markowitz described the initiative on her LinkedIn page: “First Women’s Bank will be an innovative, women-led commercial bank on a mission to serve the needs of today’sdiverse banking clients, support the small business economy and advance the role of women within it by bridging the gender gap in access to capital.”
Markowitz was acting director of the Small Business Administration under President Obama.
Additional First Women’s Bank’s organizers are Lisa Kornick, owner of the DMK restaurant group in Chicago; Melissa Widen, and attorney and entrepreneur; Beth Wnuk, who brings 25 years of executive experience in the financial services to the project; and Amy Fahey, a banking executive who spent nearly 29 years at JPMorgan Chase and its predecessors in Chicago, holding senior positions in banking, finance and risk management.
Organizers say First Women’s Bank will be an innovative commercial bank that will serve small and mid-sized businesses and individual deposit clients. The bank is expected to open in 2020 and will have a strategic focus on the women’s economy.
“First Women’s Bank will provide investors and clients with a platform to promote gender equity and help bridge the gender gap in access to capital,” said Markowitz.
Markowitz will lead the management team as CEO and Fahey will serve as board chair.