The First Women Bank of Maryland has begun the sale of $2.25 million worth of stock needed to enable it to become the first women's bank in he state.
The offering of 150,000 shares at $15 each is intended to provide the initial capital for the bank, said Eve R. Grover, who will be its president.
Organized by 10 women and two men, all from the Washington suburbs, the bank will be located in Rockville, in the planned Emporium Shopping Center across Rockville Pike from Congressional Shopping Center.
If the stock offering is successful and regulatory agency approvals can be obtained in time, the bank could be in business by November, Grover said.
Washington's first feminist financial institution, The Women's National Bank, plans to open its doors next Tuesday at 1627 K Street, N.W.
Grover, who will head the Maryland women's bank, was formerly director of the women's branch of State National Bank of Maryland. That branch of the Bethesda bank specialized in marketing its services to women, who was a vice president and director of State National.
Although the prospectus for the stock offering of First Women's Bank says the bank will not discriminate against men, it will stress special services and financial counseling for women, Grover said.
Stock in the new bank is being offered only to residents of the District of Columbia and Maryland, where the offering has been registered.
The shares are being sold by the bank's organizers to avoid the cost of hiring an underwriter and to allow more of the money fo flow through to the bank's treasury. The prospectus says [WORD ILLEGIBLE] of the $2.25 million is expected to be used as capital, the rest for initial expenses.
The shares are being offered in a minimum purchase of 30 shares at $450, and a maximum of 500, at $7,500. The bank's 12 directors are each permitted to buy up to 5 percent of the offered stock, a maximum investment of $112,500 per directors. If each director were to buy the maximum amount of stock, the board members would control 60 percent of the shares.
The prospectus stresses the "high degree of risk" of the investment, noting there is "no present market for the shares . . . and there can be no assurance that such a market will come into existence."
While Grover is a veteran banker - and will draw a $50,000 a year salary as president - "the Bank's directors, however, have had no experience in the banking business," the prospectus notes.
The directors, and their occupations as listed in the prospectus are: Sondra D. Bender, Bethesda, "professional volunteer"; Evelyn R Coopersmith, Bethesda, real estae sales for Lewis & Silverman Melvyn J. Estin, Bethesda, financier, developer and chairman of American Health Services, Inc.; Gloria Haft, Potomac, vice president, Dart Drug Corp. and real estate broker for Town & Country Properties.
Lelia Imas, Gaithersburg, architect; Imas Gruner and Associates; Francine Levinso, Pommac, salesperson for Lamps Unlimited Inc., Rockville.
Nella Manes, Chevy Chase, executive vice president, Ehrlick-Manes & Associates, advertising and public relations Paula peters, Bethesda president of Paula Peters Inc., a development, and construction company; Avis Y. Pointer, Hyattsville, vice president, center for Human Services.
Joan [WORD ILLEGIBLE], Rockville, "professional volunteer" Bruce Winston, partner in Dorothy K Winston & Co. a real estate firm, and Grover.