Independent Banker - August 2021 - 89

and his team organized nine financial
institutions, the majority of which
were community banks, including
WesBanco Bank and Commonwealth
Bank & Trust, to fill the gap. Each lent
between $500,000 and $2 million
to the Urban League for a total of
$10 million. Some banks also made
donations, says Joshua Barrick, senior
vice president of commercial real
estate at $17 billion-asset WesBanco
Bank, based in Louisville.
Working with other community
banks on a deal like this wasn't
particularly unusual, says John
Key, CEO of $1.2 billion-asset
Commonwealth Bank & Trust in
Louisville, which he says is a tightly
knit city. But the turnaround time and
external factors made it remarkable.
Being a good neighbor
Reynolds' vision was for a facility
that would bring people and jobs to
the neighborhood. It is one of only
nine facilities like it in the country
with a hydraulic floor that can be
raised and lowered. She anticipated
rental income from entities like
the University of Louisville. While
some wondered about the wisdom of
building such a facility in one of the
city's poorest ZIP codes, Reynolds
knew parents would come to the
neighborhood if their children were
competing there. And that meant
opportunities for food trucks and
other small businesses.
" The reason I started developing
this project is because two other
projects had already been stopped.
That usually happens in poor, Black
communities, " Reynolds says. " We
promise something, and then the first
hurdle comes, and it just stops. And I
didn't want that for this community. "
" The untold story here is the
enormity of the project and absolutely
Herculean effort of Reynolds, " Key
says. " We had a lot going on in the city
" Everybody could see
how transformational
this [new track-andfield
facility project]
would be. "
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of Louisville that was troubling, and
what she did was amazing to me. "
" Everybody could see how
transformational this would be, "
Trager says. " They wanted to do it
for two overriding factors: to do it for
the community and because of the
confidence of Sadiqa Reynolds. "
Reynolds' fundraising pace was as
fast as the athletes on the field-which
may not be surprising given she used
to run track herself. Two weeks after
the loan closed, the newly constructed
facility hosted an event. It has hosted
more than 75 events and practices
since. One of the early track meets sold
out in 12 minutes.
" I walked away with the positive
momentum that we had lost in the
past 12 months, " Barrick says of his
first tour of the facility.
The building has seating capacity
for 5,000, so concerts and ticketed
events are possible, which Key sees
as an indicator for future investment.
" A $53 million investment is huge but
can't stop there, " he says.
Trager says he feels honored the
banks were able to play a role in the
project. " I think it shows the neighbors
what great looks like, " he adds.
Margaret Littman is a writer
in Tennessee.
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Independent Banker - August 2021

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