February 5th 2024.
During this year's Black History Month, a Black-owned bank in Milwaukee has much to celebrate. For a century, Columbia Savings and Loan Association has been providing Black patrons with the financial assistance they need. Founded in 1924 by Ardie and Wilbur Halyard, the bank was established to help Black residents secure loans and open accounts. Today, its legacy continues through its current vice president, Wesley McKenzie, whose great-grandfather was one of the bank's loan recipients during a time when options for Black people were limited.
McKenzie shared with WBAL that being a Black-owned business in the U.S. was not a welcomed concept, let alone a Black-owned bank. The Halyards understood the lack of access to funds for Black people at regular banks and financial institutions, which prompted them to start Columbia Savings and Loan Association. For McKenzie, the opportunity to work at a financial institution where his great-grandfather received a loan during a time of discrimination is priceless.
Situated in a historic part of Milwaukee, the bank has played a crucial role in the thriving community of Black residents in the city, who have built their livelihoods together in the area. In America, there are currently only 40 Black-owned banks in operation, as reported by Finder. Columbia Savings and Loan Association stands as a testament to the longevity and success of a Black-owned financial institution that has empowered Black customers to grow and maintain their wealth.
McKenzie acknowledges that building trust with Black customers in the face of generational banking discrimination is a day-by-day process. He believes in the importance of financial literacy and hopes to educate customers on the benefits of banking with a Black-owned institution. As Black people continue to face challenges in securing loans and funding for homeownership and business ventures, it is essential to recognize and celebrate the institutions that have paved the way for financial progress.
As the fight to end loan discrimination persists, it is crucial to look back at the history of America's Black banks and their ongoing efforts to remain vital. The 100-year anniversary of Columbia Savings and Loan Association is a reminder of the resilience and determination of Black-owned businesses and their significant contributions to Black communities. This Black History Month, let us celebrate and support these institutions that have played a crucial role in empowering Black people financially.
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