PWSB donates to help Milwaukee savings and loan

Port Washington State Bank has become the first corporate contributor to help Wisconsin’s only Black-owned financial institution modernize its technology and extend its reach to more low-to-moderate-income families seeking to become homeowners.

The bank contributed $10,000 toward Columbia Savings & Loan Association’s Centennial Fund.

Headquartered in Wisconsin’s poorest zip code, Columbia designed the Centennial Fund to help offset the 99-year-old bank’s cost of overhauling its technology and implementing online and mobile banking for its customers.

Financial technology, often referred to as fintech, is one of the largest administrative expenses for banks.

Port Washington State Bank President  and COO James Schowalter said the bank is happy to “support Columbia Savings & Loan Association and its mission to make homeownership a reality for more Milwaukee families.”

He challenged other banks and corporations to match Port State Bank’s lead contribution, saying, “We all believe in the American dream, and want to enable more families to realize that dream.  By coming together and contributing to Columbia’s Centennial Fund, we can all be a part of substantially increasing equity and inclusion in underserved areas of the community.”

Columbia Savings & Loan Association Executive Vice President Will Martin said.  “Homeownership is the first step toward generational wealth, and home equity is an important source of capital for starting a business. Thanks to Port Washington State Bank and Centennial Fund contributors to come, Columbia will have the technology needed to launch a new century of service to future homeowners and small business entrepreneurs.”

Columbia’s Centennial Fund goal is to raise $1.5 million by December 2024.