Legacy Bank gets more than $1 million in US funds for banking in distressed areas
The U.S. Treasury Department has awarded Legacy Bank of Milwaukee $1,097,538 for increasing its financing and service activities in economically distressed areas in Milwaukee.
Legacy Bank received the largest award among Community Development Financial Institutions (CDFI) and the third-largest award overall, competing with other major financial institutions.
According to the award notification document, "The Bank Enterprise Awards Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase their level of support to certified CDFIs; increase their provision of loans, investments and financial services in distressed communities; or both."
Legacy Bank was notified by U.S. Rep. Jerry D. Kleczka’s office of the award.
"Whether it’s providing new savings accounts, home mortgage loans, investing in local businesses like the new Citgo in Metcalfe Park, or providing other services, Legacy Bank has quickly developed a reputation of bringing positive change to distressed areas in the city," said Kleczka. "By strengthening its financing and services, the grant money will help ensure this trend continues."
Deloris Sims, president of Legacy Bank, said, "We are proud that Legacy Bank is recognized by the U.S. Treasury Department as a cornerstone of financial strength and soundness for our customers. The BEA Award will enable the bank to continue fostering economic growth and development through the provision of much-needed capital in some of our most distressed communities."
Legacy Bank was chartered by the Wisconsin Department of Financial Institutions in July of 1999 with total assets of $5 million dollars. Currently, Legacy Bank has more than $77 million in assets.
Legacy Bank is the only bank in Wisconsin to have received the U.S. Treasury Department’s CDFI designation. Its holding company, Legacy Bancorp, is the first bank holding company in the nation organized by African-American women. The bank is at the intersection of Fond du Lac and North avenues.
Oct. 17, 2003 Small Business Times, Milwaukee