County Board unanimously adopts resolution encouraging investment at Wisconsin’s only black-owned bank
By: Eddie Cullen Communication Manager Office of the Milwaukee County Clerk
On Thursday, March 21, 2024, the Milwaukee County Board of Supervisors unanimously adopted a resolution supporting investment in Columbia Savings & Loan by the County Treasurer. This new initiative aims to drive economic empowerment and foster racial equity within the community through investment in the state’s first and only black-owned bank.
Milwaukee County Board Chairwoman Marcelia Nicholson propelled this resolution along with co-sponsors Supervisors Priscilla E. Coggs-Jones, Sequanna Taylor Taylor (Dist. 5), Juan Miguel Martinez, Shawn Rolland, Steve F. Taylor (Dist. 17), and Ryan Clancy. The resolution, crafted in collaboration with the Milwaukee County Treasurer David Cullen, encourages the Treasurer’s Office and other relevant Milwaukee County departments to explore depositing funds in Columbia Savings & Loan, helping support initiatives that increase capital availability for low- and moderate-income families in Milwaukee County. Chairwoman Nicholson issued the following statement:
“The decision to invest in Columbia Savings & Loan is a decision to invest in the prosperity of our community. This resolution highlights our commitment to supporting black-owned businesses in Milwaukee and addressing the wealth gap. By investing available public funds with the state’s first, and now only, black-owned bank, we are contributing to the revitalization of black communities in Milwaukee. This is just the beginning.”
Columbia Savings & Loan, set to celebrate its 100th anniversary this year, is currently conducting its “100 by the 100th” campaign. This initiative seeks to secure $10-million in new funding to facilitate homeownership for 100 families by the end of 2024. The campaign and this resolution acknowledge the significance of increased homeownership as a critical indicator of the overall health of a community.
The adopted resolution will now be sent to the desk of the County Executive for approval.
