G&L Holding Group Inc. won government approval last week to charter an Internet thrift serving the gay and lesbian communities.
The Office of Thrift Supervision placed several conditions on the Pensacola, Fla., thrift. Before beginning Internet operations, G&L Bank must hire computer experts to test its security controls. It also must remain "well capitalized" during its first three years.
According to its June 30, 1998, application, G&L Bank plans to "provide a nonthreatening, confidential, and 'safe' environment through which to secure such loans for gay and lesbian consumers throughout the nation."
The thrift will originate first and second residential mortgages, issue equity-based lines of credit, make new and used car loans, offer credit card services, and make Small Business Administration loans.