Chicago de novo bank effort cleared to raise capital
Organizers of First Women’s Bank in Chicago have been cleared to start raising capital.
The group said in a press release Wednesday that the proposed bank has received a permit from the Illinois Department of Financial and Professional Regulation to begin a formal capital campaign.
First Women’s, which raised $3.5 million in seed capital last year, plans to bring in another $46.5 million before opening.
The bank applied in September with the Federal Deposit Insurance Corp. for deposit insurance.
Organizers also announced that they had hired Tod Gordon as chief financial officer and Maria Tabrizi as chief risk officer. Gordon recently served as senior vice president of deposit products at Discover Bank, while Tabrizi was the chief audit executive at MB Financial Bank.
“We are delighted to add the depth and breadth of experience that Tod and Maria bring to First Women’s Bank and to our leadership team as we prepare to launch the capital raise,” Marianne Markowitz, the proposed bank’s CEO, said in the release.
“Tod’s extensive banking and treasury experience, along with Maria’s deep risk management, audit and bank operations expertise, will accelerate our mission to grow the small business economy and advance the role of women within it,” added Markowitz, who was former acting director of the Small Business Administration.
Amy Fahey, a former JPMorgan Chase executive, is the bank’s proposed chairman.
The group plans to open First Women’s later this year.