March is Women’s History Month, a time to recognize and celebrate the contributions of women throughout history. As a women-founded and women-led bank, Piermont Bank is proud to be part of making history in the traditionally male-dominated industry and creates a significant impact in banking with its unique approach and commitment to diversity.
Making History in Banking
When Piermont Bank was founded in 2019, it created many important firsts in U.S. banking history.
– Its Founder & CEO, Wendy Cai-Lee, became the first Asian woman to start a commercial bank in the United States.
– It is the first and one of the only two multi-ethnic Minority Deposit Institutions (MDIs) in the United States.
– It is the first and still the only bank to date to receive a full bank charter from the New York State Department of Financial Services (NYSDFS) since 2008.
Woman leadership has affected how we built our board, our management, and our team. As a result, we are more diverse in our people, more creative in problem-solving, more multidimensional in critical thinking.”
Wendy Cai-Lee, Founder & CEO, Piermont Bank
Studies have shown that companies with diverse leadership teams perform better, and Piermont Bank is no exception. This diversity of thought and perspective helps Piermont better serve its customers, particularly the minority and women owned companies, which have been historically underserved. Piermont has grown to over $467 million in total assets as of December 31, 2022, with ample liquidity and a diversified portfolio.
Paving the Way for other Women in Banking
One of the most significant reasons women leaders in banking are crucial is that they serve as role models and mentors to other women in the industry. Representation matters, and women leaders can provide guidance, support, and encouragement to other women in the industry, helping to break down the barriers that have prevented many women from advancing in the past.
Piermont Bank is proud to have women leaders that champion for generations of women bankers. Julia Guow, Piermont Bank’s chairwoman, was the first class of American Banker’s ‘Most Powerful Women in Banking’ award. In 2022, Piermont’s founder, Wendy Cai-Lee, was recognized for the same on the 20th anniversary of the award.
By paving the way for others, women leaders in banking can help create a more diverse, equitable, and inclusive industry for all. Piermont Bank serves as a shining example of what can be accomplished when women are given the opportunity to succeed.