[1] The idea for the bank was initiated by a group of prominent feminists, including Eileen Preiss, vice chairwoman of the New York State Democratic Committee, and Betty Friedan, a leading figure in the women's liberation movement.
Their announcement to establish the First Women's Bank and Trust Company was made in early 1973, following more than a year of planning and effort to secure regulatory approval.
[4] The bank's organizing group also included business leaders, activists, and public figures such as Jane Trahey, president of Trahey Advertising Company; Geraldine Stutz, president of Henri Bendel; Muriel Fox, vice president at Carl Byoir & Associates; Sarah Kovner, president of Arts, Letters & Politics, a public relations firm, Evelyn Lehman, a Wall Street lawyer; New York City Councilwoman Carol Greitzer, Carol Opton, Sheldon Goldstein, and Philip Sills.
Their collective experience and influence were crucial in shaping the mission and operations of the bank.
The bank also provided appealing amenities such as streamlined application forms and duplicate copy checkbooks with for a variety of financial services, a conference room available to women's organizations and others.