Small Bank, Huge Ambitions

Columbia S&L has served Milwaukee for a century, now it wants to transform it

By Ryan Amundson
MMAC Sr. Director of Communications

Sitting on the corner of North 20th Street and Fond du Lac Avenue, Columbia Savings & Loan has been a constant among Milwaukee’s African American community for nearly 100 years.
 
“Many of the churches that were built back in that day, and many of the mortgages for African American families were because of this bank,” said Will Martin, Executive Vice President of the institution. “We’re ensuring low- and moderate-income families have access to buying their piece of the American dream.”

Will Martin, Executive Vice President of Columbia Savings & Loan, recently kicked off the institution’s “100 by the 100” campaign with a goal of raising $10 million in deposits by 2024 – the bank’s centennial anniversary.

“A lot of business leaders will consider diversifying goods and subcontractors.

They don’t really think about how they can change the community just by banking more inclusively.”

Will Martin
Executive Vice President
Columbia Savings & Loan

That piece of the American dream – home ownership – has been elusive for too many Black and Brown families in the Milwaukee community.
 
According to a report conducted by the Wisconsin Policy Forum in 2022, the Black homeownership rate sat at only 25.2 percent – last among 11 peer cities studied for the report. Hispanic homeownership was at 38.5 percent, third-worst among peers. White homeownership was at 55.8 percent – in line with its peer cities.
 
Columbia Savings & Loan, the oldest Black-owned business in Wisconsin and the only Black-owned bank, is doing something to change the narrative. They are urging local businesses, associations and others to consider being more inclusive in their banking partnerships.  
 
“A lot of business leaders will consider diversifying goods and subcontractors,” said Martin. “They don’t really think about how they can change the community just by banking more inclusively.”

Martin said he’s been meeting with potential corporate and banking partners, and the institution has launched its “100 by the 100” campaign to commemorate its centennial anniversary in 2024 – hoping to raise $10 million in deposits by 2024. By reaching that number, the bank can fund 100 new mortgages to near north- and south-side residents. The bank is off to a good start, already securing $5.5 million in deposits.
 
“Where many think they have to do something through a charitable contribution in order to advance home ownership among low-to-moderate-income families in our community, this is a great example of just banking differently,” said Martin. Community-conscious companies don’t have to replace their banking relationships, they can just expand upon those relationships to include Columbia Savings & Loan.”
 
Whereas $1 million in deposits will allow a bank to extend two mortgages in some suburban areas of the region, the same amount will allow Columbia Savings & Loan to extend up to 10 mortgages for those purchasing on the near north- and south-sides of Milwaukee.
 
And with an increase in home ownership, Martin believes a number of issues confronting the community will improve.
 
“No government program, no philanthropic program is able to do it alone,” he said. “We can all be a part of the solution, and I think that’s where Columbia Savings & Loan can play an important partnership role.”

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A longer version of this story will appear in the fall edition of Commerce – MMAC’s quarterly magazine.