First Women's Bank (New York)

The First Women's Bank of New York City (located at 111 East 57th Street) was founded in 1975 as the first bank in New York State dedicated to serving the financial needs of women who faced barriers in obtaining credit and financial services from traditional banks. It was among the first banks in the United States created to empower women economically.

Founding and Early Years

The First Women's Bank of New York City was conceived as part of a broader movement to address the financial needs of women, who traditional banks often underserved. The idea for the bank was initiated by a group of prominent feminists, including Eileen Preiss, vice chairwoman of the New York State Democratic Committee, and Betty Friedan, a leading figure in the women's liberation movement. Their announcement to establish the First Women's Bank and Trust Company was made in early 1973, following more than a year of planning and effort to secure regulatory approval.

The organizing group also included business leaders, activists, and public figures such as Jane Trahey, president of Trahey Advertising Company; Geraldine Stutz, president of Henri Bendel; and Muriel Fox, vice president at Carl Byoir & Associates. Their collective experience and influence were crucial in shaping the mission and operations of the bank.

Initial plans included securing a location for the bank in Manhattan, with potential sites considered at 57th Street and Park Avenue. The bank's leadership was also set to include a female president, underscoring its commitment to advancing women's roles within the financial sector.