Deloris “Dee” Sims, one of three co-founders of Legacy Bank in Milwaukee, the first African American, women-owned charted bank in Wisconsin, passed away recently at the age of 81.
Sims was born in 1943 in Pine Bluff, Arkansas.
She started her banking career as a part-time teller at a Firstar Bank branch in Milwaukee. Over 28 years she rose up the ranks at Firstar to become a vice president and business banker. She developed five Firstar bank branches in the city.
In 1999, Sims, along with co-founders Margaret Henningsen and Shirley Lanier, launched Legacy Bank in Milwaukee. Sims was chief executive officer of Legacy Bank, which focused on lending to customers in low- to moderate-income neighborhoods within the city of Milwaukee. Its growth strategy included providing loans to revitalize residential housing and commercial properties in distressed neighborhoods in Milwaukee.
Legacy Bank had a significant concentration in commercial real estate loans and in 2011, in the wake of the Great Recession, the bank went out of business. Chicago-based Seaway Bank and Trust Company acquired all of its deposit accounts.
A memorial service to celebrate Sims’ life will be held on Friday, Aug. 16, at Mason Temple Church Of God In Christ, located at 6098 N. 35th St. in Milwaukee. A viewing will be held from 9 a.m. – 11 a.m. with the service immediately following. Northwest Funeral Chapel is handling the arrangements. In lieu of flowers, donations are requested to the Legacy Foundation at the Greater Milwaukee Foundation.
