Ensuring Financial Empowerment for Women in Arkansas (2024)

When I think about my four decades in finance, from my early days as a public accountant to my roles in banking as CEO, chief financial officer and president of Stone Bank, I’ve witnessed significant changes in our industry.

Yet one truth remains: Leadership in banking is still a male-dominated field, especially in the C-suite. That reality only spurs my commitment to ensuring that more women find their place in finance and, more importantly, that all women in Arkansas have the tools and resources to achieve long-term financial security.

The last 50 years have seen notable progress in gender diversity within banking. More women than ever before are attaining leadership positions in banking, driving innovation and making key decisions that shape the future of finance. However, the presence of women in the upper echelons of banking remains sparse, and many women still face systemic barriers that hinder their professional growth and financial independence. In fact, according to the American Bankers Association, just 32 percent of bank officers vice presidents and higher are women, and just 7.5 percent of American banks are led by a woman CEO. As we look ahead, we must create more opportunities for women to enter finance and excel in banking. We must also focus on equipping all women with the financial tools and education they need to thrive.

One of the most pressing challenges we face is ensuring all Arkansas women have access to the resources that will empower them financially. Economic security is not just about having a steady income; it’s about building wealth, managing debt, planning for retirement and being prepared for life’s unexpected challenges. Unfortunately, many women — especially those in underserved communities — lack access to the financial tools and education necessary to achieve this security.

That is where the Women’s Foundation of Arkansas plays a crucial role. Through its programs, the WFA is dedicated to improving financial security for women across the state. Initiatives such as Save10 and the Women’s Economic Mobility Hub are designed to equip women with the knowledge and resources they need to make informed financial decisions, build savings and secure their economic futures.

Save10, for instance, is an initiative that encourages women to save at least 10 percent of their income for retirement. This program is particularly impactful because it addresses the long-term financial needs of women, many of whom are likely to live longer than men and, therefore, need more substantial retirement savings. As part of this work, they host a finance club, similar to a book club, that creates a peer-to-peer support system in which women learn, share experiences and motivate each other on their financial journeys.

The Women’s Economic Mobility Hub, on the other hand, focuses on creating pathways for Black women in Arkansas to start or grow their own businesses and advance their careers.

By supporting these programs, we are not only uplifting individual women but also helping to close the wealth gap and foster a culture of financial independence and empowerment that will benefit entire communities and future generations.

At Stone Bank, I have seen firsthand the difference financial empowerment can make in individual lives and families. Whether it’s helping a young woman open her first savings account, guiding a small business owner through the complexities of securing a loan or advising a retiree on how to manage her investments, financial knowledge makes a profound impact. Beyond the walls of the bank, I am equally committed to engaging women in finance through my work with the WFA.

I am honored to serve as co-chair of this year’s Power of the Purse — the WFA’s signature annual event — alongside Shamim Okolloh, vice president and community outreach officer at Encore Bank. As female banking executives, we are proud to be part of an initiative that celebrates the achievements of women in Arkansas and amplifies the importance of economic security for all women and girls. Power of the Purse is more than just a luncheon — it’s a platform that uplifts the voices of women leaders, entrepreneurs and change-makers who are shaping the future of our state.

This year’s event, which will take place Oct. 2 at the Statehouse Convention Center in Little Rock, is especially significant because it brings together a diverse group of women honorees who are leading the charge in their respective fields. Presented by Arkansas Children’s, the 26th annual celebration will recognize the achievements of Lenore Trammell as Woman of the Year in Business, Dr. Nirvana Manning as Woman of the Year in Public Service and Cathy Tuggle as Woman of the Year in Philanthropy. Each of these women exemplifies change-making strength and resilience and a strong commitment to improving life for Arkansas women. By highlighting their accomplishments, I hope we can inspire the next generation of women to pursue careers in finance and other science, technology, engineering, arts and math fields and to take control of their financial futures.

It is essential that we continue to advocate for policies and programs that support women’s economic empowerment. We must work together to dismantle the barriers that prevent women from entering and advancing in finance and other high-paying industries, and we must ensure that all women — regardless of their background or circumstances — have access to the resources they need to build a strong financial future. I hope you’ll join me in this mission by attending Power of the Purse next month. You can learn more about the event and the life-changing work of the WFA at womensfoundationarkansas.org.

Marnie Oldner, formerly CEO of Stone Bank, now serves as a director at the bank and its parent companies. She built the bank from a financial institution with $65 million in assets to a highly profitable, healthy bank with assets of more than $750 million. She is co-chair of this year’s Women’s Foundation of Arkansas Power of the Purse.

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