First Women's Bank

First Women's Bank was a New York financial institution established in the 1970s to serve women who were frequently underserved by conventional banks. It became the first bank in New York State specifically dedicated to the financial needs of women and was majority owned and operated by women during its early period. Its creation formed part of a wider women's economic-equality movement that challenged discriminatory practices in lending, employment, and access to financial information. The bank's concept was developed by an organizing group that included feminist activists, business executives, public-relations professionals, lawyers, elected officials, and other prominent New York figures. Eileen Preiss, vice chairwoman of the New York State Democratic Committee, and Betty Friedan, a leading figure in the women's liberation movement, were among the principal initiators. The organizers publicly announced the plan for the First Women's Bank and Trust Company in early 1973, after more than a year of preparation and regulatory work. The proposed capitalization was to be raised through a sale of stock, with the bank marketed as both a practical financial institution and an expression of women's economic independence. Madeline McWhinney Dale, a former officer of the Federal Reserve Bank, was recruited as the institution's first president. Her appointment gave the project experienced banking leadership and reinforced its intention to operate as a full-service bank rather than merely as an advocacy organization. The bank opened in late 1975 in space formerly occupied by a restaurant at the Ritz Tower Hotel, 111 East 57th Street in Manhattan. It began operations with approximately $3 million in capital and about 7,000 shareholders. First Women's Bank offered conventional banking services alongside features designed to improve financial access and confidence. These included a 24-hour money machine, streamlined application forms, duplicate-copy checkbooks, a consumer financial library, and educational programming covering investments, insurance, and financial planning. The bank also made a conference room available to women's organizations and other groups, reflecting its broader community and educational role. Its proposition combined banking convenience with targeted support for customers who had often found mainstream financial institutions difficult to navigate or unresponsive to their needs. The institution's identity changed after a 1986 sale, when new investors appointed Martin A. Simon as chairman and the bank lost its earlier female leadership profile. In 1989 it was renamed First New York Bank for Business, a change that marked a shift away from the original women-centered brand and mission. Federal regulators closed the renamed bank in 1992 and arranged for its federally insured deposits to be sold to First Merchants Bank. Although the bank ultimately disappeared as an operating institution, its history illustrates how second-wave feminism translated demands for economic equality into a specialized financial enterprise. It also documents an early attempt to combine ownership, management, services, and education around the financial needs of women.

First Women's Bank emerged from the economic-equality politics of the early 1970s. Women seeking loans, credit, investment information, and other financial services often encountered institutional practices that treated them as dependents or evaluated them through assumptions about male household income and authority. The proposed bank sought to respond directly to that environment by creating a regulated financial institution in which women were not only the target customers but also substantial owners, managers, and public representatives. The project was organized by a diverse group of New York activists and business leaders. Eileen Preiss and Betty Friedan were among the figures associated with its conception, while the organizing group also included advertising executive Jane Trahey, Henri Bendel president Geraldine Stutz, public-relations executive Muriel Fox, public-relations professional Sarah Kovner, Wall Street lawyer Evelyn Lehman, New York City Councilwoman Carol Greitzer, and several other civic and business participants. Their work involved planning, fundraising, and securing regulatory approval. The organizers announced the plan for the First Women's Bank and Trust Company in early 1973 after more than a year of preparation. The proposed financial structure called for capital to be raised through a stock offering. By the time the bank opened in late 1975, it had approximately $3 million in capital and around 7,000 shareholders. The bank occupied premises at 111 East 57th Street in Manhattan's Ritz Tower Hotel, in space previously used by a restaurant. Madeline McWhinney Dale, a former Federal Reserve Bank officer, became its first president, providing professional banking experience to an institution whose public identity was closely connected to the women's movement. Its operations combined ordinary banking with services intended to lower practical and informational barriers. It offered a full range of banking services, a 24-hour money machine, simplified application forms, and duplicate-copy checkbooks. It also created a consumer financial library and offered educational programs concerning investments, insurance, and financial planning. A conference room was made available to women's organizations and other groups. These features positioned the bank as both a commercial institution and a community resource, reflecting the belief that financial equality required access to information as well as access to accounts and credit. The original ownership and management model did not survive unchanged. Following a sale in 1986, investors appointed Martin A. Simon chairman, and the bank lost the female leadership emphasis associated with its founding. In 1989, it was renamed First New York Bank for Business. The renaming indicated a broader business orientation and ended the most visible connection to the original women-focused brand. In 1992, federal regulators closed the renamed institution and arranged for its federally insured deposits to be sold to First Merchants Bank. The bank therefore had a relatively short operating life, but its historical importance extends beyond its eventual closure. It represented an early institutional response to gender inequality in financial markets and demonstrated how feminist organizing could produce a regulated banking enterprise. Its history also shows the tension between a mission-specific financial brand and later ownership or strategic changes that broadened the institution's market identity. No continuing corporate entity or active brand is identified in the available reference material.

• 1992

  Bank closed by regulators

  [1]First Women's Bank (New York)en.wikipedia.org

  Federal regulators closed First New York Bank for Business and sold its federally insured deposits to First Merchants Bank.

• 1989

  Corporate name changed

  [1]First Women's Bank (New York)en.wikipedia.org

  The institution adopted the name First New York Bank for Business.

• 1986

  Ownership transition

  [1]First Women's Bank (New York)en.wikipedia.org

  The bank was sold to new investors, who appointed Martin A. Simon chairman and ended its initial period of female leadership.

• 1975

  Bank opens in Manhattan

  [1]First Women's Bank (New York)en.wikipedia.org

  First Women's Bank began operations at the Ritz Tower Hotel on East 57th Street with approximately $3 million in capital and 7,000 shareholders.

• 1973

  Founding plan announced

  [1]First Women's Bank (New York)en.wikipedia.org

  Organizers publicly announced plans for the First Women's Bank and Trust Company after more than a year of planning and efforts to obtain regulatory approval.

A women-centered full-service bank intended to improve access to credit, banking, investment knowledge, and financial planning while placing women in visible ownership and leadership roles.

• Banking services · 1975

  Full-service banking

  The bank presented itself as a full-service financial institution rather than a narrowly specialized lender. Its services were intended to meet ordinary consumer and business banking needs while addressing the access barriers that had motivated its creation.

• Financial education · 1975

  Consumer financial library

  A dedicated library gave consumers access to financial information and supported the bank's effort to make banking, investment, insurance, and planning topics more understandable to customers.

• Financial education · 1975

  Financial education programs

  Educational programming covered investments, insurance, and financial planning. These programs complemented the bank's commercial services by treating financial knowledge as an important part of women's economic independence.

• Self-service banking · 1975

  24-hour money machine

  A 24-hour money machine gave customers access to banking convenience outside conventional branch hours and formed part of the institution's effort to offer modern, accessible services.

• 1992

  Close the bank and transfer insured depositsOther

  Background

  The renamed institution was subject to federal regulatory closure.

  Action taken

  Federal regulators closed First New York Bank for Business and sold its federally insured deposits to First Merchants Bank.

  Aftermath

  The institution ceased operating and the First Women's Bank business history came to an end.

  Source

• 1989

  Change the corporate nameStrategy

  Background

  Following the ownership transition, the institution no longer operated under the original women-centered identity.

  Action taken

  It changed its name to First New York Bank for Business.

  Aftermath

  The original First Women's Bank brand was discontinued, and the institution was presented as a broader business bank.

  Source

• 1986

  Sell the bank to new investorsM&A

  Background

  The institution underwent a change in ownership after its founding period.

  Action taken

  The bank was sold, and the incoming investors appointed Martin A. Simon chairman.

  Aftermath

  The bank lost its earlier female leadership profile and moved toward a different corporate identity.

  Source

• 1973

  Create a women-focused commercial bankStrategy

  Background

  Organizers sought a practical institutional response to women's limited access to credit, banking services, and financial information.

  Action taken

  They pursued regulatory approval and planned a shareholder-funded bank dedicated to serving women's financial needs.

  Aftermath

  The project opened as New York State's first bank specifically dedicated to women and became a prominent example of mission-driven financial entrepreneurship.

  Proposed stock capitalization. $3 million in opening capital (1973-1975)

  Source

1. 1First Women's Bank (New York)en.wikipedia.org
2. 2First Women's Bank and Economic Equality for Womennysarchivestrust.org
3. 3Women's Banks and Women's Access to Credit: Competition between Marketplace and Regulatory Solutions to Gender Discriminationdigitalcommons.lmu.edu