Independent Banker - March 2022 - 72

CONNECTIONS TRAILBLAZER
The team collected $36.2 million in
its capital raise, which Markowitz says
is the most ever raised by a de novo
QUICK STAT
38%
of small businesses in the
U.S. are owned by women
35%
of those are owned by
women of color
Source: Forbes and Stanford University
in Illinois.
" There were many, many people
who were highly discouraging of
the de novo process. And now that I
have gone through it, I understand
why, " she laughs. " But we are an
impressive group. "
First Women's Bank offers personal
savings, checking and CDs, with
digital banking from a branded app.
But it is primarily a commercial bank,
with no personal lending. Services
include treasury management and
commercial lending, such as SBA,
USDA and conventional loans.
The community bank also recruited
corporations to participate in
what it calls Mission Partnerships.
Companies including Aon, the
Western Golf Association (WGA),
William Blair and Comcast have
come on board as depositors.
While Markowitz knew that First
Women's Bank's mission, " To grow
the economy and advance the role
of women within it, " was solid, and
based in research and personal
experience, it was when future
corporate partners told her they
thought she would be " swimming
in deposits " that she realized the
message would resonate far and wide.
" A more inclusive economy "
In September 2021, First Women's
Bank cut the ribbon on its
headquarters in a renovated loft
building on Chicago's Goose Island
neighborhood with Chicago mayor
Lori Lightfoot in attendance. Its
organizers say it is the only womenfounded,
women-owned and womenled
commercial bank created to
support the women's economy in
the country.
With 70% women at the board
level, " [First Women's Bank] does
70 Q ICBA Independent Banker Q March 2022
not look like any other bank at all, "
Markowitz says.
She is perhaps most excited about
the FWB Collective, which she defines
as a training and networking hub that
is part of the bank's offerings. This
community of resources and mentors
is designed to help those looking to
start and expand businesses.
" Unlike advisory boards that are
there to advise the bank, this advisory
board is for the clients, " she says.
When it is fully operational, there
will be 100 people on the advisory
board. Members include top business
leaders, such as Maxine Clark,
founder of Build-A-Bear Workshop.
The hope is that the FWB Collective
will help entrepreneurs find the tools
and expertise they need to start and
expand businesses, and also become
a pipeline for bank customers in
the future.
Homegrown talent
First Women's Bank is based in
Chicago partly because that is
where the team has its roots, but
also because it is the right place
for the mission. The city is one of
the leaders in the world in terms of
women-run businesses. It is also
home to several mission-aligned
business organizations, such as the
influential C200.
" This bank is all about the power
of networks, and our story highlights
the power of networks. We believe in
the power of networks as much as the
power of capital, " says Markowitz.
And, yes, men can and do work at
First Women's Bank in any and all
roles at the organization.
Adds Markowitz: " This bank is all
about equality, not dominance. We're
making a more inclusive economy.
We're not about exclusivity. " 
Margaret Littman is a writer
in Tennessee.
Independent Banker - March 2022

Table of Contents for the Digital Edition of Independent Banker - March 2022
