Legacy Bank's beginnings:
Legacy Bank was founded in Milwaukee, Wisconsin in 1999 to help increase financial stability and build wealth for those living in underserved communities.
Margaret Henningsen, Deloris Sims, and Shirley Lanier unlocked the philosophy of Legacy Bank which was "No Margin, No Mission." The building was located at 2102 W. Fond du Lac Avenue.
Margaret Henningson is a lifelong Milwaukee resident and social justice activist. She was frustrated with the statistics after spending years working in the lending and real estate industry.
"Milwaukee led the nation in denials to black people who were trying to get a mortgage to own their own home. The more I saw the way black people were being treated when they were trying to get a mortgage, the more I felt like something has to be done about this," said Henningsen.
Little did she know...that "something" would be historic.
The epiphany moment:
"I was sitting at my desk after my 50th birthday and I had a moment of temporary insanity. That's when that seed that they you know jumped into my brain. And I said I'm going to start my own blankety, blank bank," she said.
She co-founded Legacy Bank in 1999 with Shirley Lanier and Deloris Sims who also brought a wealth of experience from the banking industry. It became one of the first banks in the nation organized by African American women and the first in the state to be formed by women.
"Yes, we accept and take on the mantle of being the dream team!" Those were the proud words of Shirley Lanier at the Legacy Bank ribbon-cutting event 25 years ago.
Deloris Sims had served nearly 30 years in the banking industry when she became a co-founder of Legacy Bank.
"If we did it, it could be done. We showed everybody it can be done. So it's not easy work, but it's necessary work," said Sims.
Fundraising:
Opening the bank certainly wasn't easy. The ladies were told by the Department of Financial Institutions that they needed to raise the maximum amount of five million dollars to get it off the ground.
"The first part of the drive back, that car was silent, because we were thinking five...where are we going to get five million dollars from? And then, just as we were hitting the border of Milwaukee, Dee said we're gonna (sic) raise that blankety, blank money," said Henningsen.
They raised seven and a half million dollars, and the rest as they say is "her-story".
"We kept saying we want to leave a legacy, we want to leave a legacy, and then all of a sudden, it just seemed like it made sense that Legacy Bank would be the name that we would choose because we wanted to leave a legacy in our community," said Henningsen.
Giving back to the community:
Legacy Bank served the area's underserved residents giving them a stake in their neighborhood by financing small businesses and home purchases. Like many small banks across America, it was the Great Recession that led to the closure of Legacy Bank in 2011.
As time went on, the ladies took the necessary steps to continue their legacy that still lives on today.
"We became a community development financial institution which is a CDFI (Community Development Financial Institution)," said Henningsen.
TMJ4's Andrea Williams sat down with the ladies at the organization that carries on the name.
Terese Caro, serves as President and CEO of the Legacy Redevelopment Corporation. It provides strategic lending solutions for Milwaukee’s underserved markets. Since originating their first loan in 2003, they are the only U.S. Treasury-certified Community Development Financial Institution (CDFI) with a focus on housing and commercial real estate in Milwaukee’s central city.
"So, Legacy Redevelopment Corporation was birthed out of Legacy Bank. The founders of Legacy Bank saw that there was still a demographic that was not being served at the bank level," said Cato.
They also started the Legacy Foundation at the Greater Milwaukee Foundation where they continue to fund entrepreneurial ventures. There's also a succession plan that includes the daughters of both Margaret and Deloris.
Elise Jackson says her Mom Deloris inspired her by being her true earth self.
"They are awesome pioneers. I mean, it's like it's hard to follow in their footsteps, but they did so much for the community that I'm just so happy that I can continue what they were doing," said Jackson.
What are they most proud of?
"The fact that we could get that bank open, and help so many people, and hire so many people," said Sims. She reminisced about the 2003 opening of a Ponderosa Steakhouse on King Drive. It opened in a lot that stood vacant for decades. The owner Stella Love was the only African-American woman in the U.S. to own a Ponderosa franchise.
"You can see our footprint and our handprint all over the city of Milwaukee, and there are people who were able to create wealth, and it never would have happened if Legacy Bank hadn't been around. So, I'm proud of that," said Henningsen.
A wise woman once said, that if your actions create a legacy that inspires others to dream more, learn more, do more, and become more, then you are an excellent leader.
Both Sims and Henningsen shared great memories about making their dream a reality, "Nobody thought that we could raise that money, nobody thought we could open our doors, but the good Lord did...yep!"
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