Legacy Development Corp.
has promoted Terese Caro
to president and CEO, the Milwaukee-based community development financial institution announced Thursday.
LRC provides lending solutions for underserved markets primarily in housing and commercial real estate in Milwaukee’s central city.
Caro joined LRC in July 2016 as vice president and chief lending officer. She was named president in March of 2020, and president and CEO in May of 2021. She has spent nearly 30 years in banking and finance and has managed a diverse portfolio of loans and assets valued at over $500 million, according to a press release.
Under her leadership, LRC has expanded lending into Racine, earned $3 million in new capital and grants and forged partnerships with LISC Milwaukee’s Brew City Match and the Greater Milwaukee Foundation.
LRC also hired Errol Barnett as the organization’s chief lending officer. Barnett has more than 30 years of experience in commercial banking, including managed assets, community and correspondent banking. The organization also hired Lakeytheia Stribling-Dantzler
, who joined LRC as the administrative services officer.
“Each of them has unique talents, experiences, and passions that will allow LRC to continue our mission to provide strategic lending solutions and ongoing support to Milwaukee’s small businesses and nonprofit organizations to foster financial independence, sustain growth, and revitalize communities,” Caro said in a statement.
Three new members also joined LRC’s board of directors, including Nikki Purvis
, chief equity officer for the city of Milwaukee's Office of Equity and Inclusion; Marjorie Rucker
, executive director at the Business Council Inc., and Michael Katz
, former owner of Molded Dimensions.
The new board members replace existing board members Sharon Adams of Walnut Way Conservation Corp., and Rev. Louis E. Sibley, III of Mount Zion Missionary Baptist Church.
“Nikki, Marjorie, and Michael bring diverse skills and knowledge to our board, which will help us greatly as we continue to expand our financial footprint throughout Milwaukee,” LRC board president Dick Lincoln said in a statement. “And on behalf of the entire board, we owe a debt of gratitude to Sharon and Rev. Sibley for their tremendous contributions over the years.”