'A Bank For All People': Remembering The Women's Bank

Exterior of the future Women's Bank, circa 1978. The Women's Bank Records, WH2365, Box 1

When The Women's Bank opened its doors in the Equitable Building on July 14, 1978, Denver banking history was forever changed — and a concept Carol Green and Bonnie Andrikopolous developed in November 1975 came to life.

Carol Green, first President of the Women's Association, circa 1977. The Women's Bank Records, WH2365, Box 1

Green had founded the Franchise Services of America after achieving success with Weight Watchers franchises in the Denver area. Andrikopolous had worked as a lobbyist for the National Organization for Women (NOW) and served on several boards in the state, including the Colorado Commission on Women and the Colorado Supreme Court Nominating Committee.

Women's Association, circa 1976. The Women's Bank Records, WH2365, Box 1

Green and Andrikopolous formed The Women's Association on November 16, 1975, with the purpose of securing a national bank charter. In a circa-1976 brochure, the association explained the need for a bank catering to women:

It is a well known fact that women are essentially at the 'roots of finance'....from the everyday financial considerations of a household budget to financial matters concerning all forms and sizes of businesses. ...Although our first consideration will revolve around the active roles of women in Denver, we are creating a bank that will serve all.

B. LaRae Orullian, first President of the Women's Bank, circa 1978. The Women's Bank Records, WH2365, Box 1

As Women's Bank incorporator Judith "Judi" B. Wagner and former Bank President B. LaRae Orullian explained, women also faced challenges when it came to credit:

Although the Equal Credit Opportunity Act passed in 1974, most women did not know the law existed. Bankers frequently told women that they needed their fathers, husbands, brothers, grandfathers, uncles or some related male to co-sign for their loans. Getting their own credit was difficult.

(Foreword to The Women's Bank: A Denver Success Story by Thomas J. Noel & Gail M. Beaton)

Advertisement for the International Trust Company, Denver Post, October 24, 1922. [Note: ad contains harmful and racist language]

Prior to 1974, women certainly utilized banking services. In fact, after the 19th Amendment was ratified in 1920, banks began advertising more directly to women. Despite courting more customers, financial institutions remained largely discriminatory when it came to issuing credit to women and minorities. The industry of financial services itself was led by men (who were, more often than not, white), while women worked as receptionists, secretaries, and tellers.

Employees, officers, and board members of The Women's Bank (click on photo for names), circa 1978. The Women's Bank Records, WH2365, Box 1

By July 1977, through the hard work of many, The Women's Bank received preliminary approval for a national charter from the Comptroller of the Currency. Those who authored the application included Wendy W. Davis, Loretta Norgren, Leslie Friedman Davis, Betty Sue Freedman, Beverly A. (Martinez) Grall, Barbara Grall, Barbara Welch Sudler, Edna Mosley, Michael Feinstein, Carol Green, and Judith Foster.

Nationally-noted banker Mary Gindhart Herbert Roebling was also instrumental in securing the charter. Utilizing her contacts at the Federal Deposit Insurance Corporation (FDIC), Roebling had the health of bank's proposed systems checked.

Interior view of the Women's Bank of Denver building at 821 17th (Seventeenth) Street in Denver, Colorado; shows skylights, ornate friezes, stencils, columns, chandeliers, and mastic floors with geometric patterns.

1995

On July 12, 1978, The Women's Bank officially became the second nationally chartered women's bank in the country (Washington, DC held the first). Two days later, The Women's Bank opened for business at 8:30 a.m. when President B. LaRae Orullian cut the ribbon on the front door entrance.

The first day's deposits exceeded $1 million.

Denver Post, August 6, 1978

By 1980, The Women's Bank's success and desire for expansion necessitated creating a holding company called Equitable Bankshares of Colorado, which was led by Judi Wagner.

By 1982, The Women's Bank's boasted $20 million in deposits and low loan portfolio delinquency (under 1%, while the nationwide rate was 2.5%). By then, the bank's increased to the number of men it served to 40% of its customer base.

Orullian cited The Women's Bank's approach to outreach as the key to success. The bank offered an extensive array of financial education seminars and partnered with community organizations including Big Sisters of Colorado, Inc. and Safe House.

View of the Women's Bank building at 821 17th (Seventeenth) Street in downtown Denver, Colorado; the brick structure has stone trim, arched windows and doors.

[1990-2000?]

In January 1994, The Women's Bank and its holding company, Equitable Bankshares of Colorado, were sold to an investor for $17.5 million. Both were renamed the Colorado Business Bank in October 1995. In October 2018, Tulsa-based BOK Financial purchased the Colorado Business Bank.

Sources Cited