Pennsylvania-based CNB Bank plans to open a new unit next year focused on providing financial services to women business owners and leaders.
The new unit, Impressia Bank, will provide traditional business banking services but also offer advice and resources to support female entrepreneurs to grow and develop their businesses, CNB said in a statement.
Angela Wilcoxson, chief commercial banking officer at CNB Bank, said: “This is a perfect opportunity to deepen relationships and support the already high, yet growing, number of women-owned businesses.
“A prioritization of women-owned businesses would complement other divisional growth activities and allow the Bank to provide even better banking options for more businesses in our communities.”
The bank has already begun searching for a division president to lead the initial development of Impressia Bank.
CNB Bank’s president and CEO Michael Peduzzi emphasized his company was “looking to move beyond the scope of offering traditional banking services” to create a financial and business support network.
“We recognize that access to capital remains the largest barrier to market entry and success for female founders and women-owned businesses,” he added. “Impressia Bank will strive to propose solutions pertaining to credit access, financial literacy, and business development to promote and encourage the small business spirit and career development of women.”
The plan follows the launch earlier this year of Agility Bank, based in Texas, which became the first new minority depository institution in 15 years when it received regulatory approval in May.
Research from Morningstar published in October found US banks were, overall, falling short on diversity metrics and supporting women in senior roles.
Just one of the 28 banks Morningstar surveyed had a female CEO: Citigroup’s Jane Fraser, who was appointed in March last year. In addition, only four banks — American Express, Bank of Hawaii, Comerica, and Fulton Financial Group — had women in 40% or more of executive roles.