Organizers apply with FDIC to open women-run bank in Chicago
A group of women is planning a bank in Chicago.
Organizers filed an application on Monday with the Federal Deposit Insurance Corp. for FWBank, which would operate as First Women’s Bank. The group plans to form a holding company called FWB Financial, according to the application.
The proposed state-chartered bank would be located in the West Loop area of the city, according to a public notice.
The group includes Lisa Kornick, Melissa Widen, Amy Fahey, Marianne Markowitz and Beth Wnuk.
Markowitz, former acting director of the Small Business Administration, would serve as the bank’s CEO. Amy Fahey, a former JPMorgan Chase executive, is the proposed chairman.
Kornick, the bank’s proposed chief experience officer, owns a restaurant group in Chicago. Widen, a Chicago-area lawyer, is set to become chief administrative officer. The group plans to hire a head of SBA and small-business lending, the application said.
Wnuk, a former executive at Ixonia Bank, will join the board, which will also include Steven Bangert, who was chairman and CEO of CoBiz in Denver when it was sold to BOK Financial, and Gary Gage, a former Chase executive.
FWB Financial plans to issue up to $50 million in capital, contributing at least $26 million to the bank, the application said. Initial investors in shares of the company's stock have subscribed for 350,000 shares at $10 each.
The bank is expected to open next year.