The Bank Built on Principle: A $1 Million Defiance Against Discrimination

The year 1974 stands as a stark reminder of how recently financial freedom was denied based on gender. Before the passage of the Equal Credit Opportunity Act, banks could—and often did—legally deny a woman a loan, a mortgage, or even a credit card simply because she was female. The assumption was that a woman’s credit worthiness was tied entirely to her husband or father.

This systemic discrimination led to an act of entrepreneurial defiance. The image you see here captures a group of trailblazing women who decided the only way to ensure financial access for themselves and other women was to create their own system.

The women pictured were the founders of what would become a revolutionary institution in the fight for financial equality: The First Women’s Bank (TFWB). While the exact story of pooling $\$8,000$ for a $\$1$ million opening day is a condensed and powerful piece of folklore, the reality is no less inspiring.

Led by figures like Madeline McWhinney Dale and supported by activists like Betty Friedan, TFWB was conceived to specifically address the needs of women who were shut out by traditional finance. After a massive organizing effort, they raised the necessary capital—far more than a small pool of money—to secure a charter, and the bank opened in New York City in 1975.

TFWB offered services and educational seminars tailored for women, recognizing that they needed both access to capital and knowledge to build their own economic power. It was a tangible protest against a male-dominated industry that treated women as second-class citizens. This bank, and the others that soon followed, were not just about money; they were about dignity, independence, and the right to control one’s own future. Their legacy is the financial freedom women now exercise, a right fought for and won by these pioneering spirits.