Ray Allen Tapped to Lead Milwaukee’s Historic Black-Owned Bank

Ray Allen has been named president and CEO of Columbia Savings & Loan, Milwaukee’s oldest Black-owned bank, founded in 1924 to serve the African American community through home financing.

With nearly five decades of leadership experience across government, education, and media – including roles at John Deere, the Wisconsin Department of Workforce Development, and as publisher of The Madison Times – Allen brings a deep commitment to equity and community development.

He currently serves on over a dozen boards, including 100 Black Men, United Way of Dane County, and UMOJA Magazine.

Columbia Savings & Loan is the only Black-owned bank or credit union in Wisconsin. As part of a national network, it plays a critical role in offering fair access to financial services, especially for underserved communities.

According to Investopedia, Black-owned banks historically provide more loans to low- and moderate-income borrowers and operate with a greater tolerance for risk than mainstream institutions.

The Bank’s mission remains clear: to empower minority communities through banking apprenticeships, homeownership, and economic opportunity.