As NMSBank continues to advance its competitive ranking and expand beyond the name “North Milwaukee State Bank,” it commemorates a milestone of providing service to the community for over 40 years.
North Milwaukee State Bank ( now NMSBank ) is celebrating over 40 years of service to the community by hosting a 40 Plus Year Celebration! NMSBank will commemorate the occasion by hosting a reception at the Milwaukee County War Memorial on April 14, 2011 from 6:00p.m. – 8:30 p.m. The bank opened its doors on February 12, 1971, becoming Wisconsin’s first minority-owned bank.
NMSBank co-founder Dr. William Finlayson states “I never had any hesitation in opening the bank because I was motivated to bring economic empowerment to the community. People questioned the impact a minority bank would have on the community, but the biggest immediate impact was the sense of pride it gave the community.”
NMSBank co-founder Dr. Randle Pollard credits the success of opening NMSBank to the rapid exit of larger banks from the community, the civil rights movement, and a rush of college graduates who majored in accounting, banking, and finance. “All three factors made the time right and ripe to establish a bank. It also was an ideal time because all the things the community needed financially, NMSB would be there to provide,” says co-founder Pollard.
Throughout time, NMSBank has maintained its objective to serve and empower Wisconsin’s minority and underserved populations. Upholding this objective can be attributed to the bank’s longevity. According to NMSBank’s former president and current board director Randy Myricks, “NMSB is a good community bank because it supports the community first, with hopes that the community will support it back.” It appears the community does. During NMSBank’s “40 Plus Year Celebration,” the bank will focus on what impact it has had on the community. Along with this, NMSBank will produce media materials highlighting its past, present, and future. The celebration will also include a new multi-purpose campaign. The purposes of the campaign are to highlight NMSBank’s accomplishments, the community it serves, new product offerings, and to increase its brand recognition. Along with increasing brand awareness amongst the public, NMSBank is reintroducing the strategic decision to be referred to as NMSBank, instead of North Milwaukee State Bank, going forward. NMSBank president and CEO, Erbert Johnson states that NMSBank does not desire to be limited by its name. President Johnson would like to expand the bank’s existence into other cities such as Racine, Kenosha, and Madison, WI in the near future.
NMSBank is a certified CDFI and state-chartered bank with nearly $100 million in assets. Founded in 1971, it is Wisconsin’s oldest minority-owned bank and is celebrating over 40 years in operation.
For more information, please visit www.nmsbank.com.