| Chapter : | Introduction |
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Although Tri-State Bank has opened three branches in the past twenty years, other financial institutions—Mutual Federal Savings and Loan Association, Supreme Mortgage Company, and Union Protective Life Insurance Company—closed for lack of leadership, insufficient capital, or an inability to compete in a changed market. For example, the untimely death of president and CEO Patricia Walker Shaw, who was developing new market initiatives for Universal Life Insurance Company, led to the collapse of the company, which had 36 branch offices, $62 million in assets, and $610 million in policies. A new breed of business leaders has created opportunities in the fields of technology, entertainment, and communications. In 1975, Art Gilliam founded Gilliam Communications, Inc., which purchased WLOK radio station, one of the most successful gospel music stations in the country. In 1984, Fred Jones, Jr., founded Summitt Management Corporation and, six years later, created the Southern Heritage Classic, a sports and entertainment institution that pours millions into the city. One of the most successful entrepreneurs is Frank Banks, who co-founded Banks, Finley, White & Company, one of the largest accounting firms in the South; created Banks and Holeyfield Management Company; and raised millions to open MemphisFirst Community Bank, renamed Landmark Community Bank. More recently, Bridget Chisholm has used her knowledge of finance and marketing to form BBC Consulting, LLC, a professional services firm, and to found Delta Bluff, LLC and Mosaic, LLC, which have bought several Memphis restaurants.
In the past three decades, opportunities have opened up for African Americans in Memphis corporations. Ronald Walter became president and station manager of WREG-TV, and Herman Morris rose from general council to president of Memphis Light, Gas and Water Division in 1989. Black women have also gained leadership positions in corporations: Peggy Harvey became vice president of Human Resources at MLGW in 1987, and Joyce Blackmon became one of only two senior vice presidents at the Division in 1991. Before she was appointed Tennessee’s first woman and first Black U.S. attorney general, Veronica Coleman served as senior litigator for Federal Express Corporation.