First women-owned bank in Ohio proposed for Grandview Heights

Ohio is in line for what would be its first women-owned bank.

Fortuna Bank has submitted an application for a bank charter to the Ohio Department of Financial Institutions and the Federal Deposit Insurance Corp.

If successful, the bank, named for the Roman goddess of fortune, would be based in Grandview Heights. The bank has targeted a potential site near Grandview Yards for its office.

While the bank would offer a full complement of banking services to anyone, the focus would be on addressing women's financial issues.

"We want to be that bank for women," said Ilaria Rawlins, the proposed CEO for the bank and a banking veteran who worked at First Bexley Bank that was bought by Cincinnati-based First Financial in 2013.

Rawlins said she anticipates the bank will offer help in financial education, access to capital, partnerships and mentors so that women can achieve their maximum potential. Access to capital is cited as a major barrier for women starting and expanding a business.

"In a lot of cases, women just don't know where to go," she said.

Banks can be that "strong hand holder that walks with you through those big moments in life," she said.

The U.S. has about 4,800 banks. Of those, only 13 are women-owned institutions and none of them are in Ohio, according to the Office of the Comptroller of the Currency. Fortuna has counted 14 banks owned and operated by women.

Bank leaders anticipate needing to raise $20 million to $25 million with a minimum of 51% of the investment held by women. They want to offer investments for as little as $10,000.

The bank would be majority women-owned and women led.

Lisa Berger, a lawyer by training, would be the chair of the bank's board of directors. She bought a title company that sold in 2016 and has found creating businesses is more fulfilling.

"I wanted to be a little more mission focused in the next chapter of life," she said.

She approached her business partner in her title company, Jeff Meyer, and asked him about starting a bank.

"It's not just any bank, but a bank with a mission and that mission is to help women," Berger said she told him.

Anthony Stollings, a former chief financial officer for First Financial, is the proposed CFO for Fortuna.

Berger said the four of them have been working on the project for the past 18 months leading up to the filing of the applications with regulators in February.

Bank leaders hope to get conditional approval on their application in the next three or four months, and that would clear the way for them to start raising money.

If all goes well, the bank could open in six months or so, Berger said.

mawilliams@dispatch.com

@BizMarkWilliams