BANKING: Sex Change At the Bank

Sex Change At the Bank

The opening of the First Women's Bank in New York City twelve years ago was proclaimed a feminist triumph. Founded by a group of activists, including Author Betty Friedan, the bank was supposed to be run and owned primarily by women. But the institution's growth has been disappointing over the years, and now First Women's (current assets: $60 million) is getting a new infusion of capital, much of it from men.

A group of five male and three female investors has acquired a 42% interest in the bank for $2.9 million and has offered $7.1 million for the rest. The new...