The First Women's Bank of California was a local

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

bank dedicated to helping women save money and establish credit. It operated from 1976 until its sale in 1984. The bank was founded by a group of area businesswomen, which included Virginia Mullan, Laura Liswood, "Cappy"(Gladys) Fogel, Betty Lessner, Veryl Mortenson, Lee Agajanian, Dianne Freestone (Modisett) Kully, Helene Beck and Julann Elizabeth Wright Griffin. Griffin is the former wife of producer/entertainer

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, 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

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, Loretta Swit, Phyllis Diller,

Farrah Fawcett Farrah Leni Fawcett (born Ferrah Leni Fawcett; February 2, 1947 – June 25, 2009) was an American actress. A four-time Primetime Emmy Award nominee and six-time Golden Globe Award nominee, Fawcett rose to international fame when she playe ...

and Anne Bancroft all had accounts there. The bank's mission was expressly

feminist Feminism is a range of socio-political movements and ideologies that aim to define and establish the political, economic, personal, and social equality of the sexes. Feminism incorporates the position that society prioritizes the male po ...

. 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. Ironically, when the Board first searched for a CEO they were unable to find a qualified woman. Therefore, Rowan Henry, a man, was hired. 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

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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." 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'', now ''GBC International Bank''.

References

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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. Defunct banks of the United States Banks based in California Feminism in California Banks established in 1976 1976 establishments in California Banks disestablished in 1984 1984 disestablishments in California