Organizers of the proposed First Women’s Bank in Chicago have recruited a tennis legend to help them get their de novo up and running.
Billie Jean King, 77, has become the effort’s biggest investor and will serve as a strategic adviser on gender equality issues, the organizing group said in a Wednesday press release.
King, who won 12 Grand Slam singles titles during her professional career and is set to publish her memoir in August, expects to focus on removing impediments for minorities and women when it comes to accessing capital.
“I look forward to joining First Women’s Bank as we work to bridge those gaps and empower women from all walks of life to reach their full potential,” King said in the release.
“We leveraged our networks to ... reach out to individuals and organizations that are aligned with our mission and Billie Jean King was always at the top of our list," said Marianne Markowitz, who is set to become the bank’s CEO. "We were fortunate to be introduced to Billie Jean and her team and are honored that she saw the importance of our mission and has committed to being a part of this historic venture.”
First Women’s did not disclose the size of King’s investment. Organizers are required to raise at least $22 million before the bank can open, according the
Organizers, however, are looking to bring in up to $50 million in initial capital. The plan is to serve clients across the country.
The group expects to open First Women’s, billed as the nation’s only women-owned and women-run bank, this summer.
First Women’s has a chance to beome the fourth de novo bank to open this year. RockPoint Bank in Chattanooga, which opened last week, was the latest.
