Citizens Bank of Edmond in Oklahoma has been designated a women-owned depository institution by the Federal Reserve.
Jill Castilla, the $370 million-asset bank’s president and CEO, made the announcement on her Twitter feed.
“The OCC lists only a dozen women-owned/women-led banks in the nation,” she tweeted. “We’re so excited … to add one more!”
The designation “provides our bank resources and access to funds that will further support of commitment to sustain for another 121 years as an independent, community bank while making positive generational impact in all the communities we serve,” Castilla added in a LinkedIn post.
To qualify as a women-owned institution, majority ownership of the bank, or a majority of revenue, must be held by at least one woman and a “significant percentage” of senior management posts must be held by women.
The Fed in March 2021 expanded the definition for minority depository institutions (MDIs) to include women-owned financial institutions.
Among other things, MDIs have access to the Fed’s Partnership for Progress program, which provides participating institutions with resources to help them operate in a safe-and-sound manner, adhere to laws that protect consumers, and meet Fed supervisory standards. Banks can receive technical assistance, training and education.