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• W272009983 abstract "Richmond banker V.W. Henley stays dose to his community. That he's just a step away from filling a need Growing up in Virginia's capital in the 1930s and '40s was indeed very different from V.W. Henley's life in Richmond today. Then, he lived in the heart of the strictly segregated south, with limited facilities for blacks. Now, as chairman, president, and CEO of $90 million-assets Consolidated Bank and Trust Co., Henley is also one of the most prominent figures in Richmond. At last count he was involved in more than 30 community organizations. 66-year old Henley shakes his head as he talks about the changes that have occurred. Henley remembers his initiation into banking back in 1951, when he joined Mechanics and Farmers Bank in Durham, N.C. as a note teller. had just sat through a speech by a senior bank executive about what a prestigious position in the community I had assumed, when not more than an hour later I was denied credit to buy a new suit. Henley returned to Richmond in 1958 to join Consolidated Bank as secretary and cashier. Now, when customers come to Consolidated for loans, Henley remembers his own disappointing experience, and try not to turn them down if possible. A minority bank must expand its base Consolidated Bank, founded in 1903, has the distinction of being the oldest surviving black bank in the nation. One of several black financial institutions to be founded in the post-Civil War era, Consolidated also can claim to have had the first female bank president in the United States--Maggie Walker, the bank's founder. On the day the bank first opened its doors, November 2, 1903, Walker urged the black community of Richmond, Let us put our moneys together. According to local lore, the bank raised more than $75,000 in deposits on that first day of business. bank still stands on the same ground as it did back then--on the corner of First and Marshall Streets in downtown Richmond. Nowadays, though the bank is still concerned with bringing banking services to an underserved community, it's looking beyond that as well. When I came here in 1958, I noticed that the bank had very few shareholders, less than 200, says Henley. And I felt that a bank like ours wasn't going to make it over the long haul if it continued to dwell upon the fact that it was a minority bank. For almost a decade Henley stressed that in order for the bank to continue to grow, more people of the community would need to own a piece of the institution. In 1969, Henley finally convinced the board of directors of the need to broaden ownership. bank offered 10,000 shares of new stock to the community. As a result, it increased its stock base from less than 200 to 1,100 In doing so, Consolidated was able to broaden the composition of its shareholder base as well as its size. Since I've always been involved in the overall community, I knew a lot of whites, and I went to them and said, 'Don't you want to buy some shares too?' Henley recalls. And that's the first time had white shareholders. bank then marketed back to those people who had bought shares, and started to build up our deposit base that way, Henley says. Asians: a tough sell These days, Consolidated focuses on drawing other minorities into its deposit base. It's easier said than done, Henley admits. The Asian community here is kind of difficult for blacks to penetrate, he says. Asians are a fast-growing percentage of Richmond's population, and we go directly out to them, to their places of business, and try to get them to come and bank here. Some will and some won't. Those who do business with Consolidated despite its efforts don't feel comfortable, I guess, reflects Henley. If you're right across the street from our bank and you walk two blocks to the next one, obviously you feel comfortable. …" @default.
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• W272009983 title "The Community Is Everything" @default.
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