Photo via Columbia Savings & Loan Association
Port Washington State Bank Investment
L-R Ernest Jones, CSLA Board Chair-Pres. & CEO; Will Martin, CSLA Exec. VP; James Schowalter, PWSB Pres. & COO; Ron Knaus, VP-Business Development Officer
Port Washington State Bank announced on Monday a partnership to aid Wisconsin's only Black-owned financial institution, Columbia Savings & Loan Association. The new investment helps the institution in modernizing its technology and expanding its outreach to low-to-moderate-income families seeking to become homeowners. The bank donated $10,000 towards the Centennial Fund, which was announced in February, during Black History Month.
Headquartered in Wisconsin's poorest zip code, Columbia Savings & Loan Association designed the Centennial Fund to help defray the costs of overhauling its technology and implementing online and mobile banking for its customers. Financial technology, or fintech, is one of the largest administrative expenses for banks, and contributions from Port Washington State Bank and other corporate partners will enable Columbia to use technology to expand access to capital for families of color and underserved areas of the community that it cannot reach today.
Milwaukee's African-American population has the second-lowest homeownership rate among the nation's major metropolitan areas, and Columbia Savings & Loan Association has been at the forefront of helping families of color become homeowners. Ernest Jones, Board Chair, stated that contributions from Port Washington State Bank and other corporate partners would enable Columbia to expand its reach to more families and substantially increase equity and inclusion in underserved areas of the community.
James Schowalter, President & COO of Port Washington State Bank, expressed his pride in supporting Columbia Savings & Loan Association's mission to make homeownership a reality for more Milwaukee families. He challenged other banks and corporations to match his financial institution's lead contribution, saying that by coming together and contributing to Columbia's Centennial Fund, they could all be a part of substantially increasing equity and inclusion in underserved areas of the community.
Will Martin, Executive Vice President of Columbia Savings & Loan Association, explained that homeownership is the first step toward generational wealth, and home equity is an important source of capital for starting a business. He stated that thanks to Port Washington State Bank and Centennial Fund contributors to come, Columbia will have the technology needed to launch a new century of service to future homeowners and small business entrepreneurs.
Columbia's Centennial Fund aims to raise $1.5 million by December 2024, and other corporate contributions are currently pending. With the support of Port Washington State Bank and other corporate partners, Columbia Savings & Loan Association can use technology to expand its reach and make homeownership a reality for more families in underserved areas of the community.
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