Celebrating Kim D. Saunders During Women’s History Month
- National Bankers Association
- Mar 20, 2024
- 2 min read
Women's History Month is an opportunity to spotlight the contributions of women who have left an indelible legacy. The theme for 2024 is centered on figures who advocate for diversity, equity, and inclusion. That's why the National Bankers Association chose to celebrate Kim D. Saunders, a woman who dedicated her career to reducing the racial wealth gap and uplifting those around her. We were also fortunate to have her serve as the immediate past President & CEO of the National Bankers Association.
Ms. Saunders helped launch, lead, and restore minority depository institutions (MDI). She not only shattered the glass ceiling in banking, showcasing her capabilities in a male-dominated field, but she opened the door for countless other women. She was only the second woman to lead Consolidated Bank & Trust Co. in Richmond, which was in crisis when she took over. Ms. Saunders replaced the management, which had led the bank into severe financial trouble after 100 years of operation. As President and CEO, she turned it around and guided its' successful sale to a Washington institution, where she remained at the helm for two years during the transition.
It was fitting that Ms. Saunders, another woman of color who broke barriers should take over that role at Consolidated Bank and Trust Co. The bank was founded by financial pioneer Maggie L. Walker in 1903, the first African American woman to charter and serve as a bank president. Ms. Saunders was also the President & CEO of M&F Bancorp, Inc. and its wholly-owned subsidiary Mechanics & Farmers Bank in Durham, North Carolina, as well as Executive Vice President of City First Bank in Washington, D.C.
Despite all her other career achievements, Ms. Saunders's most significant professional legacy was transforming the mission-driven financial services landscape. She witnessed first-hand the lack of economic development and job growth generation in low- and moderate-income (LMI) areas. Recognizing the significant need, she launched the MDI Keeper's Fund. This national tier one capital fund was developed to specifically invest in MDIs that lent to small businesses and individuals often overlooked and underfinanced. By enabling those MDIs to remain healthy, Ms. Saunders ensured they could continue to give back to the communities that needed them the most.
She also dedicated herself to numerous nonprofit, government, and private boards and councils. In addition to serving at the Federal Home Loan Bank of Atlanta and the Milken Institute she was a long-term board member of the National Bankers Association, and later became the President and CEO from 2018 to 2021.
Although sadly, Ms. Saunders passed away on July 29, 2023, her work as a tireless advocate devoted to closing the racial wealth gap will live on. Her professional and personal legacy profoundly affected millions of people across the United States. By helping MDIs make significant social and economic impacts in their communities, she increased access to credit and financial services for many individuals and families who were historically underserved. Whether in the corporate world or public service, Kim Saunders's legacy extends beyond her individual achievements, inspiring generations of women to strive for excellence and break barriers.
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That detail about staying on for two years during the transition matters more than people realize—continuity is usually the difference between “successful sale” and slow-motion collapse for customers and staff. I’d be interested to hear more about what she prioritized first in the turnaround (capital, culture, compliance, loan book?), because everyone romanticizes rescues without the boring mechanics. This is probably a nerdy comparison, but it’s like working through a basic caesar cipher example: small shifts add up fast if you don’t watch the structure.
The link back to Maggie L. Walker hit me—people talk about “history” like it’s abstract, but it’s literally institutions being built, nearly lost, and then saved by the next generation. Saunders stepping into that specific seat feels symbolic in the best way because it’s also measurable (jobs, lending, stability). I saw someone do a portrait in a ghibli ai style and it weirdly reminded me how storytelling shapes what we think leadership looks like.
What I wish more profiles did is show the messy middle—replacing broken management, making hard calls, and still keeping the mission centered on communities that get left out. That’s real leadership, not just “inspiring” quotes. Random tangent, but the theme of trying on different futures made me think of a hairstyle ai preview I played with before a job interview—low stakes experimentation, big confidence boost.
The “turnaround + open the door behind you” combo is what makes this stand out. It’s easy to celebrate firsts; it’s harder to celebrate the people who stabilize systems so the next person doesn’t inherit chaos. When I’m burned out reading the news, I end up zoning out with stuff like that blockblast puzzle game, but stories like this are the better reset.