18 Women-Owned Banks in the United States

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From the first U.S. woman-owned bank opening in the 1800s to Janet Yellen’s swearing-in under President Joe Biden as the first woman Secretary of the Treasury of the United States, the road for women in leadership in financial areas has been long and winding. Not all years led forward, and not all obstacles have been overcome. However, the path started by women early on in their communities continues to forge on.

History of Women-Owned Banks

Born from Alexander Hamilton’s mind and signed into law by President George Washington, the first national bank in the United States opened in 1791. The year before, in 1790, Deborah Powers was born. About 90 years later, in 1877, she would take her turn and become the first woman to start a bank. Called D. Powers & Sons, she ran the bank with her two sons in Troy, NY, until her death in 1891.

Powers was a widow, and in the late 19th century, widows were active in business. Another such case is Louise M. Weiser. Her husband, Horace Weiser, founded the Winnesheik County Bank in Decorah, Iowa in 1855. Upon his death in 1875, Louisa took over his role and, in doing so, became the first woman bank president.

In 1888, the first Black-owned bank opened in Washington, D.C. A few years later, Maggie L. Walker founded the St. Luke Penny Savings Bank and began her tenure as its president, making her the first Black woman to open a bank.

Although significant progress in their own right, these early landmarks in women’s financial history reveal a sizable gap between accepted community involvement and women’s limited participation in the wider economy. As Mary Eschelbach Hansen, a professor of Economics at American University, puts it, it’s the difference between Main Street and Wall Street. 

“Women were important customers of banks and leaders of community banks well before, more than a century before, women in what we think of as ‘finance’ really made much of an impact,” she says.

For instance, it wasn’t until 1967 that Muriel Siebert became the first woman to have a seat on the New York Stock Exchange. In 1984, Rosemary McFadden was the first woman to be president of a U.S. stock or futures exchange. 

Women ultimately gained more autonomy and power in finance during the 1900s, but there was a period at the beginning of the century where the way of progress actually took a few steps back. According to Hansen, the rise of urbanization at the turn of the 19th century shifted the community and interpersonal-based economy into one that was more impersonal, which was detrimental to women establishing credit.

“In this environment, because they lacked credit history, divorced and widowed women, even the ones who had paid their bills, were denied credit because there was no record of them in their own name in these modern impersonal credit markets, which was really quite different from the previous century,” says Hansen.

Unmarried women needed a male co-signer on loans, women’s wages were discounted when underwriting loans, and women were required to close their department store accounts, early precursors to credit cards, and reapply under their husband’s name when they got married, explains Hansen. These credit struggles, as well as those faced by other minorities, came to a head in the 1970s, and the push for change prevailed. 

The Equal Credit Opportunity Act in 1974 established rules about what creditors were allowed to ask people to disclose, like sex or marital status. Creditors were also required to tell applicants why their credit was denied. A paper Hansen co-authored makes the case that the act increased the supply of credit to women relative to men. 

Women-Owned Banks in the U.S.

There are only 18 banks that are designated as women-owned by the Office of the Comptroller of the Currency (OCC). The majority of these banks are in the Midwest and West South Central states. One-third of all the women-owned banks have branches in Texas.

Agility Bank

State(s) Texas

Branches: 1 (Houston)

ATMs: 1 (Houston) and access to any partner ATMs (Bank of America and Trustmark) 

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, consumer loans, home equity loans, business checking accounts, business money market accounts, business certificates of deposit, business term loans, business lines of credit, commercial term loans, commercial lines of credit, commercial real estate loans, professional services loans, business treasury management, online banking, mobile banking, virtual safe deposit box, mobile wallet, digital lockers 

BancCentral

State(s) Oklahoma

Branches: 4 (Alva, Cherokee, Enid, Woodward)

ATMs: 6 (Alva, Cherokee, Enid, Woodward)

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, NOW accounts, individual retirement accounts, trusts, auto loans, personal loans, residential mortgages, agricultural lending, commercial business loans, online banking

Beacon Business Bank 

State(s) California

Branches: 2 (San Francisco, San Mateo)

ATMs: PLUS and Accel network locations

Services: Checking accounts, savings accounts, certificates of deposit, individual retirement account certificates of deposit (IRA CDs), online banking, mobile banking, online bill pay, Quicken or QuickBooks, business checking accounts, business savings accounts, business certificates of deposit, mobile deposit for business, remote deposit capture, non-profit checking accounts, home equity lines of credit, small business administration loans, commercial loans  

Community outreach: Supports Bay Area charitable and community-based organizations. Offers non-profit checking accounts. 

Commercial NB of Texarkana

State(s) Texas, Arkansas 

Branches: 6 (Texarkana, TX; Texarkana and Fouke, AR) 

ATMs: 6 (Texarkana, TX; Texarkana and Fouke, AR) 

Services: Checking accounts, savings accounts, certificates of deposit, personal installment loans, auto and other vehicle loans, personal lines of credit, business checking accounts, business certificates of deposit, business lines of credit, commercial construction loans, business acquisitions loans, business consolidation loans, auto loans, truck loans, heavy equipment loans, land acquisition loans, investment property loans, commercial property improvement loans, online banking, credit cards, mobile wallet

First National Bank of Alaska

State(s) Alaska

Branches: 27 (Anchorage, Bethel, Cordova, Eagle River, Fairbanks, Glennallen, Haines, Healy, Homer, Juneau, Kenai, Ketchikan, Kodiak, Palmer, Seward, Sitka, Soldotna, Valdez, Wasilla)

ATMs: 28 (Anchorage, Cordova, Eagle River, Fairbanks, Glennallen, Haines, Healy, Homer, Juneau, Kenai, Kodiak, Palmer, Seward, Sitka, Soldotna, Valdez, Wasilla) and Mastercard ATMs

Services: Checking accounts, savings accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, credit cards, personal loans, home equity loans, escrow servicing, business checking accounts, business savings accounts, business money market deposit accounts, business treasury management, business credit cards, accounts receivable loans, escrow receivable loans, revolving lines of credit, real estate purchase and investment refinancing, conversion to electronic health records financing, medical practice financing, interim construction loans, commercial real estate and real estate investment, equipment and vehicle loans, inventory financing, letters of credit, BusinessManager® program, online and mobile banking, telephone banking, bank-by-mail services, cash flow solutions, escrow servicing, investment management services, investment management accounts, custodial accounts, state of Alaska insurance depository accounts, trusts, retirement planning, estate probate, conservatorships, will and trust safekeeping, home loan programs, closing cost assistance program, home construction loans

Community outreach: Makes charitable contributions to Alaskan non-profits, such as the Alaska School Activities Association. Offers small business, home loan, and budgeting workshops. Participates in a gap financing program for low-to-moderate income home buyers.

First Bank Texas (First National Bank and Trust Company of Weatherford)

State(s) Texas

Branches: 14 (Abilene, Baird, Bedford, Clyde, Grapevine, Haskell, Hudson Oaks, Munday, Stamford, Weatherford, Willow Park)

ATMs: 16 (Abilene, Aledo, Baird, Bedford, Benjamin, Clyde, Grapevine, Haskell, Hudson Oaks, Munday, Stamford, Weatherford, Willow Park)

Services: Checking accounts, savings accounts, individual retirement accounts, mortgages, vehicle loans, personal loans, business checking accounts, business savings accounts, small business administration loans, business lines of credit, business letters of credit, commercial real estate loans, equipment loans, agriculture loans, term loans, working capital loans, point-of-sale solutions, Positive Pay system, remote deposit, online banking, mobile banking, online bill pay, telephone banking, digital wallets 

Community outreach: Partners with non-profits that serve communities across Texas, including Careity, a cancer-support foundation, and New Horizons, a foster care and adoption center.

First National Bank in Fredonia

State(s) Kansas

Branches: 1 (Fredonia) 

ATMs: 1 (Fredonia) 

Services: Checking accounts, savings accounts, certificates of deposit, individual retirement accounts, business checking accounts, business savings accounts, business certificates of deposit, auto loans, mortgage loans, personal loans, business loans, agriculture loans, online banking, online bill pay, mobile banking, telephone banking, credit cards

First National Bank in Okeene

State(s) Oklahoma 

Branches: 1 (Okeene) 

ATMs: 1 (Okeene)

Services: Checking accounts, savings accounts, certificates of deposit, NOW accounts, commercial checking accounts, business certificates of deposit, business individual retirement accounts, agricultural loans, commercial loans, real estate loans, installment loans, telephone banking, bank-by-mail services, Okeene Public Works payments

First National Bank in Tigerton

State(s) Wisconsin

Branches: 2 (Tigerton, Bowler)

ATMs: 1 (Tigerton)

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, NOW accounts, individual retirement accounts, health savings accounts, business checking accounts, automated payroll, home mortgages, home equity loans, home improvement loans, business loans, personal loans, auto loans, agriculture/farm loans, online banking, mobile banking

First National Bank of Gordon

State(s) Nebraska

Branches: 1 (Gordon) 

ATMs: 1 (Gordon) 

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, NOW accounts, individual retirement accounts, minor savings for preschool age children, business checking accounts, business savings accounts, business NOW accounts, business money market accounts, business certificates of deposit, remote deposit capture, online banking, mobile banking, online bill pay, business online banking, business debit card, ACH payroll origination services, short term installment loans, commercial/agricultural term loans, lines of credit, construction loans, and letters of credit, financing partnerships

First National Bank of Izard County

State(s) Arkansas

Branches: 5 (Calico Rock, Melbourne, Mountain View, Horseshoe Bend, Mount Pleasant)

ATMs: 3 (Calico Rock, Melbourne, Mountain View)

Services: Checking accounts, student checking accounts, senior citizen checking accounts, NOW accounts, business NOW accounts, club accounts, savings accounts, money market accounts, real estate loans, consumer loans, commercial loans, agriculture loans, telephone bank, online banking, mobile banking, credit cards

First National Bank of Manning

State(s) Iowa 

Branches: 1 (Manning) 

ATMs: 1 (Manning) and Visa ATMs

Services: Checking accounts, savings accounts, individual retirement accounts, simplified employee pension (SEP) accounts, certificates of deposit, credit cards, online banking, mobile banking, online bill pay, loans, lines of credit

Millbury National Bank

State(s) Massachusetts 

Branches: 1 (Millbury)

ATMs: 1 (Millbury)

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, home mortgage loans, home equity loans, home equity lines of credit, auto loans, cash reserve loans, personal term loans, construction loans, home improvement loans, business checking accounts, business savings accounts, business money market accounts, business certificates of deposit, commercial real estate loans, construction loans, business lines of credit, liquid investment property lines of credit, equipment loans, business term loans, business cash reserves, telephone banking, online banking, mobile banking

National Bank of Malvern

State(s) Pennsylvania 

Branches: 2 (Malvern, Frazer)

ATMs: 2 (Malvern, Frazer) and STAR and PLUS network locations

Services: Checking accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, home equity lines of credit, fixed-rate home equity loans, mortgages, auto loans, business checking accounts, business money market accounts, business savings accounts, business certificates of deposit, commercial mortgages, business lines of credit, business term loans, land acquisition and construction loans, business letters of credit, merchant services, personal trust services, online banking, mobile banking, text banking, online bill pay, mobile check deposit

Santa Anna National Bank 

State(s) Texas

Branches: 1 (Santa Anna)

ATMs: 0

Services: Checking accounts, senior citizen checking accounts, savings accounts, NOW accounts, money market deposit accounts, time deposits, individual retirement accounts, real estate loans, agricultural loans, commercial loans, personal loans, online banking, mobile banking

Southeast First National Bank

State(s) Georgia, Florida

Branches: 3 (Summerville and Trion, GA; Panama City Beach, FL)

ATMs: 2 (Summerville, Panama City Beach) and STAR network locations

Services: Checking accounts, savings accounts, money market accounts, NOW accounts, certificates of deposit, individual retirement accounts, business checking accounts, business money market accounts, real estate loans, consumer loans, commercial loans, commercial real estate loans, construction loans, lines of credit, letters of credit, depository for taxes, merchant services, online banking, online bill pay, telephone banking

Texas National Bank of Jacksonville

State(s) Texas

Branches: 9 (Jacksonville, Tyler, Rusk, Bullard, Marshall, Longview, Lufkin, Lindale)

ATMs: 9 (Jacksonville, Tyler, Rusk, Bullard, Marshall, Longview, Lufkin, Lindale)

Services: Checking accounts, savings accounts, money market accounts, NOW accounts, business checking accounts, business NOW accounts, individual retirement accounts, auto loans, vehicle loans, unsecured loans, personal lines of credit, home purchase loans, home improvement loans, home refinancing, home equity loans, recreational vehicle loans, CD-secured loans, business lines of credit, business term loans, business equipment financing, business letters of credit, commercial property loans, rental/investment property loans, asset-based lending (accounts receivable), land financing, construction & development loans, online banking, mobile banking, telephone banking, online bill pay, bank-by-mail services, credit cards, remote deposit capture

The First National Bank in Falfurrias

State(s) Texas

Branches: 1 (Falfurrias)

ATMs: 1 (Falfurrias)

Services: Checking accounts, savings accounts, money market checking accounts, NOW accounts, certificates of deposit, individual retirement accounts, business checking accounts, consumer loans, commercial loans, agricultural loans, online banking, mobile banking, telephone banking

 Methodology: How We Found Women-Owned Banks

The OCC is part of the U.S. Department of the Treasury. It charters, regulates, and supervises national banks in order to maintain safe banking and fair financial access. The banks included in this list are identified as OCC-Supervised Minority Depository Institutions because they are at least 51% owned by women.

The FDIC also maintains a list of Minority Depository Institutions (MDIs), but it doesn’t list women-owned or women-managed institutions. The FDIC recognizes MDIs as banks that serve minority populations, including African American, Asian American, Hispanic American, and Native American communities.

Additionally, 51% or more of the institution must be owned by minority individuals, or the majority of the board of directors must be minorities.

Business Insider contacted the National Credit Union Association (NCUA), but it could not provide a list of women-owned credit unions.

Why Women-Owned Banks Matter

Supporting Women Entrepreneurs

As Mary Ruth Newman, senior vice president at Cohen & Steers Capital Management and president and co-chair of the Board of Directors of Women in Institutional Investments Network (WIIIN), explains, minority banks typically aim to serve underprivileged or underrepresented communities. Women-owned institutions, for instance, can help female entrepreneurs gain access to funding, says Newman.

Enhancing Financial Inclusion

Visibility of women in leadership positions, like at women-owned banks, can be a source of inspiration for future generations.

“There’s truth to the adage, ‘You can’t be it if you can’t see it.’ So if there are people out there, role models, that’s really important,” says Newman. 

Promoting Gender Equality in Finance

Even as women earn more college degrees than years before and enter many professional occupations in numbers equal to or greater than that of men, women are still underrepresented in management positions, according to Pew Research.

The motherhood penalty is also significant barrier for women in the workplace. According to the motherhood penalty, women in the workforce are penalized for becoming mothers. Mothers are less likely to be hired than women without children, and those who are offered a position receive a lower salary offer. In contrast, men don’t face the same setbacks when they become fathers. In fact, they may even earn more than they did before.

The cost of childcare can also be prohibitive when women try to reenter the workforce. This can lead to career breaks to raise children, resulting in less work experience and fewer networking opportunities. 

Hansen says that in finance, this penalty imposed on women may be so significant that they are pushed out of the field and switch careers. 

How Women-Owned Banks Operate

Women-owned banks generally offer the same type of accounts you’d find at any other bank, like checking and savings accounts, certificates of deposits, and loans. Some cater to business banking needs, too. Despite the relatively small number of branches these banks tend to have, many also offer mobile banking in addition to online banking.  

Challenges Faced by Women-Owned Banks

According to the 2023 Women in the Workplace report from McKinsey and Lean In, women’s representation in the C-suite is the highest that it has ever been at 28%. However, compared to the 48% share of positions women hold in entry roles, there is still a notable disparity. This is especially true for women of color, who make up only 6% of the C-suite.

This is where the concept of a “broken rung” comes in. It is the obstacle that blocks women’s path to managerial roles. 

“It’s when women start seeing men being promoted faster than they have,” says Newman.

Women know that they’ll have to work harder, and for less money, to reach the same positions as their male counterparts. Newman says this can be particularly difficult when women enter motherhood and have to navigate that change in addition to career concerns.

Women also still face unconscious bias in the workplace where men are assumed to be credible, and women have to prove their credibility, adds Newman.

Beyond that, there is still the motherhood penalty. Three laws aim to protect pregnant people from discrimination: Title VII of the Civil Rights Act of 1964, Pregnant Workers Fairness Act, and Americans with Disabilities Act. Despite this, there are still cases of pregnancy discrimination, and assumptions about women’s personal lives can be detrimental to their careers.

“I think that it’s important for hiring managers to assume that women want to work hard, and assume nothing else. And that doesn’t always happen,” says Newman. 

Supporting Women-Owned Banks

Promoting financial literacy for girls and young women can help create greater gender equality in finance. Many organizations are working toward this goal. For instance, Girls Who Invest is a program available to college students, and the non-profit Rock the Street, Wall Street is geared toward high schoolers.

There are a number of networks that serve to connect women professionals in finance, like WIIIN and Financial Women’s Association.

Women-Owned Bank FAQs