Business
Wisconsin’s Sole Black-Owned Bank Enters a New Era
Columbia Savings & Loan Association celebrated its 100th anniversary in 2024 as Wisconsin’s oldest and only remaining Black-owned bank.
Since becoming chair, president, and CEO in 2022, Ernest Jones has upheld the bank’s mission while recognizing the need for modernization. As a savings and loan association, Columbia offers savings accounts, loans, mortgages, and certificates of deposit but lacks checking and online banking services.
Despite these limitations, it has built strong relationships with customers and partner banks.
“We need funding to upgrade our technology, and it will require a significant investment,” Jones said.
Alongside technological advancements, Columbia has expanded its staff and plans to add new board members. Moving forward, the bank aims to modernize while continuing to support Milwaukee’s Black and underserved communities by helping more families achieve homeownership.
Founded in 1924 by Wilbur and Ardie Clark Halyard, Columbia was established to provide Black homebuyers access to loans at a time when redlining and racial discrimination restricted housing opportunities.