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Margaret Henningsen returned to the Milwaukee bank she had visited with her grandmother 50 years earlier, this time to help turn it into Legacy Bank. According to a Stanford Social Innovation Review interview, she and two other Black women started the bank in 1999 in the Fond du Lac and North district, where many banks had left. They wanted to serve a neighborhood that had also lost businesses and homeowners.
Henningsen described a steep practical hurdle: Wisconsin required the founders to raise $5 million to start the bank, twice the amount required of other banks. The interview reports that Legacy grew from a $5 million institution to a $110 million one and was profitable by its second year. It also credits the bank with helping bring back restaurants, grocery stores, and homeowners. What happened to Legacy Bank after that early growth?
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- How did Legacy Bank support businesses and homeowners in the neighborhood? : Still exploring
- What happened to Legacy Bank after its early growth? : Still exploring
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