Source: Olga Tsikarishvili / Getty
This week for our Black History Month spotlight, we highlight a financial pioneer. William Madison McDonald emerged as an innovative African American entrepreneur, politician and banker, leaving an indelible mark on Texas and Black history. Read more about McDonald’s legacy inside.
William was born on June 22, 1866, in College Mound, Texas. Often referred to as “Gooseneck Bill,” McDonald is widely recognized as the first Black millionaire in Texas. One viral social media post inspired us to highlight McDonald for his rich legacy and historic efforts in the South.
In 1906, McDonald relocated to Fort Worth to manage the Fraternal Bank and Trust Company, the city’s first Black-owned bank. Established as an enterprise of the state Masons, the bank became a cornerstone for the African American community. Under McDonald’s astute leadership, the institution not only provided financial services but also empowered Black entrepreneurs by offering loans and fostering economic growth. Remarkably, the bank withstood the challenges of the Great Depression, a testament to McDonald’s prudent management.
Beyond his banking endeavors, McDonald was deeply involved in the Prince Hall Freemasonry, serving as the Grand Secretary of the Grand Lodge of Texas for five decades. In this capacity, he spearheaded various business ventures, including a cotton mill and an insurance company. All of William’s efforts furthered his influence in the state’s economic landscape.
McDonald’s impact extended into politics as well. He was a prominent figure in the Republican Party of Texas, representing the state as a delegate to national party conventions and advocating for African American rights during a period marked by significant racial challenges.
His legacy is a testament to resilience, leadership, and a commitment to uplifting the African American community. Through his multifaceted contributions, William Madison McDonald not only achieved personal success but also paved the way for future generations, ensuring that his influence would be felt long after his time.
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