Gay Today: Technology

Gay &Lesbian Internet Bank
Approved by Government

Compiled By GayToday

Pensacola, Florida--July 2--The federal government (OTS) today issued a federal banking charter to G&L Bank, a Pensacola, Florida-based Internet bank created to meet the special and routine banking needs of gays and lesbians.

G & L Internet Bank will provide "banking for any lifestyle" and operate solely on the Internet.

The bank will provide a full array of consumer and business banking products including basic and interest checking accounts, overdraft protection, electronic bill payments, ATM/MasterMoney check cards, regular and money-market savings, CDs, IRAs, traveler's and cashier's checks, auto loans, home equity loans, mortgages for same sex couples and non-married heterosexuals, consumer loans and business loans – all on a non-discriminatory basis to the target affinity group and other customers.

G&L Bank will allow customers to open accounts online instantly and approve online credit applications within seconds.

"The idea for the bank," said founder Steven Dunlap, "sprang from an experience I had several years ago while trying to negotiate a business loan with a traditional bank. I presented a well-prepared and highly bankable deal that was rejected solely because the planned business was designed to market to gays and lesbians. I decided right then to create a new kind of bank that would look at all customers -- gay, straight or whatever -- as real people and not bundles of negative stereotypes and silly misconceptions."

Steven Dunlap, 42, is the Founder of G&L Holding Group and G&L Bank and the Director of Marketing of G&L Bank. For the past six years, he has devoted his time to research and development of the Bank.

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Most recently, he was Founder and Chairman of the Dunlap Companies, a group of international consumer products manufacturing and distribution companies that launched several products and consumer novelty items which cumulatively generated more than $350 million in retail sales. He is an active member of HRC (Human Rights Campaign), Nashville Cares, Friends for Life, Feed the Need, the LAMBDA Legal Defense and Education Fund and the Gulf Coast (Florida) community where he resides.

G. Kay Griffith, 54, is Chairwoman, President, CEO and Director of G&L Bank and the G&L Group. Griffith has been an executive in the commercial banking industry for more than 20 years. Since 1998, she has served as Executive Vice President of G&L Holding Group to organize the Bank and secure its charter.

Previously, she founded Corporate Growth Consultants, Inc., which provided financial management and strategic planning assistance to insured depository institutions. Prior executive positions include President and Chairman of Admiralty Bank, Palm Beach Gardens, Florida, and Senior Vice President/Florida Regional Executive at NationsBank, NA. She is a recipient of the American Free Enterprise Medal and Women in Business Industry Award and is currently on the Board of Directors of Sound Advice, Inc.

Keith E. Cotham, 35, is Co-Founder and Secretary of G&L Holding Group and Director of Human Resources and Training of G&L Bank. For the past nine years he held senior positions with National Bank of Commerce, Memphis, Tennessee, most recently as a Senior Vice President and Director of Training for National Commerce Bank Services, Inc. He also served as consultant and training coordinator to improve bank clients' in-store banking programs.

G&L Bank management team consists of experienced bankers with an average of 18 years of experience in the banking industry.

G & L Bank will commence operations on National Coming Out Day, on October 11, 1999.