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New Online Bank for Gay and Lesbian Entrepreneurs

A new, gay-friendly bank deemed "G&L Bank" by co-founders Steven Dunlap and Keith E. Cotham, will offer walk-in banking at its Pensacola, FL headquarters and service throughout the U.S. via online "branches."

Dunlap first got the idea to start a gay-friendly bank after being repeatedly denied funding for a gay and lesbian resort that he dreamed of building. "You could just see the color run out of their faces," said Dunlap, referring to the bankers who denied his request for a loan.

Houston retail manager Michele Johnson told AP that she intends to bank with G&L because she knows that gay and lesbian partners who try to open joint checking accounts at traditional banks face rampant discrimination. "You know, the looks, the cold shoulders, people not really wanting to do that and making you jump through all the hoops," she said.

The bank currently has 11 employees, about half of whom are gay or lesbian, and half of whom identify as heterosexual. G&L expects to add another 14 employees to its staff before the bank opens in late spring '99.

Check out G&L Bank's Web site at www.g-lbank.com.

Media Resources: AP - December 15, 1998



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