Business Notes BANKING

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 investors have not even hinted that they might replace the bank's female president, Neale Godfrey, but some First Women supporters are concerned that women could lose control of the bank. Says Catherine Maiorisi, a First Women's shareholder: "The bank is in an identity crisis. It should be run by women."