Photo Credit: Robert Powers via Flickr
Columbia Savings and Loan
Columbia Savings & Loan Association, Milwaukee’s only minority-owned bank, and one of only 24 Black-owned banks in the country, held its 98th Annual Meeting earlier this week. More than 60 members and guests attended, making it the savings and loan's largest annual meeting in decades.
Lafayette McKinney, a member of Columbia's Board of Directors since 1983, reflected on the extraordinary turnout, stating that he had never seen so many people at the gathering during his 40-year tenure. The turnout reflected the community's deep and ongoing commitment to Wisconsin's only Black-owned bank and its genuine interest in its new initiatives.
Ernest Jones, Board Chair and President & CEO, and newly appointed Executive Vice President Will Martin reported on the new strategies the Board and management have launched since October 2022 to grow the size of the bank. As of December 31, 2022, Columbia Savings & Loan Association had total assets of $24.5 million. Since launching the Association's growth strategies in February 2023, the new management team has raised an additional $4.5 million in new cash and commitments.
Martin announced that Columbia Savings & Loan Association is well on its way to raising its goal of at least $10 million in new funding. The new funds will be used to support "100 by the 100th," Columbia's campaign to help 100 families become homeowners by the bank's next annual meeting in April 2024.
"Columbia Savings & Loan Association has been at the forefront of helping families of color become homeowners for nearly a century," stated Jones. "For every $1 million in new funds raised, Columbia can help 10 more families become homeowners in our community—often for less than they were paying in housing costs while renting."
Jones and Martin have developed a series of new partnerships with other banks and the corporate community, which has led to Columbia's success in raising so much new funding. Financial institutions and businesses have stepped up to become major depositors, and Columbia is using those dollars to make more mortgages available for the community.
Port Washington State Bank Executive Chairman & CEO Steve Schowalter and Metropolitan Milwaukee Association of Commerce (MMAC) Vice President of Community Affairs Corry Joe Biddle were among Columbia's capital partners who spoke at the annual meeting. They both expressed their excitement about their partnership with Columbia Savings and Loan and its real economic impact for the community and the families working with the bank.
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For more about Columbia Savings & Loan, visit their website.
