UW–Madison alumnus Ray Allen (’73) has been named the next president and chief executive officer of Columbia Savings & Loan, a Milwaukee financial institution founded in 1924 to provide mortgage loans to the city’s African American community. He will succeed respected business fixture George E. Gary as leader of the institution.
Born in Milwaukee, Allen moved to Madison in 1969 to attend the University of Wisconsin–Madison, earning a bachelor’s degree from the School of Journalism & Mass Communication in 1973. Over a career spanning nearly 50 years, Allen has worked at the John Deere Company and served in a number of leadership roles in state government, including Secretary of the Wisconsin Department of Workforce Development. He was elected to three terms on the Madison School Board from 1995 to 2004, has served as chair of the Madison Area Technical College Board, and is the former publisher and owner of weekly newspaper The Madison Times.
In 2016 Allen was honored with the Outstanding Alumni of Color Award from the UW–Madison Division of Diversity, Equity & Educational Achievement. He currently serves on more than 10 corporate and community boards, including 100 Black Men, the Overture Center, UMOJA Magazine’s board of directors, United Way of Dane County, American Red Cross, Downtown Madison Inc., and Madison College.
According to finance website The Balance, Columbia Savings & Loan is the only Black-owned bank or credit union in the state of Wisconsin. Black-owned banks and credit unions are federally insured depository institutions that serve customers from all racial and ethnic backgrounds but are largely owned or directed by Black Americans. Columbia Savings & Loan says its purpose is to “be a guiding light for progress in the community, providing a viable opportunity for minorities to apprentice in banking and business, as well as the establishment of homes for every family that wishes to obtain their dream home.”
“The goal now is to maintain and enhance the one minority-controlled financial institution in the state of Wisconsin,” Allen told UMOJA Magazine. “I want to assist in its net growth, its continued development, and its services to the community. It’s been here 98 years and we want to put it in the position to do another 98 years.”
Learn more about Allen’s life, career and vision for the future in UMOJA Magazine.