Maggie L. Walker (1864?-1934)
Art by Annie (tumblr)
Born to a formerly enslaved mother at the end of the Civil War, Maggie L. Walker began her working life as a teenage schoolteacher in Reconstruction era Richmond, Virginia. She soon joined the Independent Order of St. Luke, a black fraternal organization. Maggie rose to national prominence in 1899 when she was elected Right Worthy Grand Secretary of the national Order of St. Luke. In 1902, Maggie created a newspaper for the group. A year later, she opened the St. Luke Penny Savings Bank, the first US bank chartered by a black woman.
St. Luke Penny Bank was an important resource for Richmond’s black community. Between 1903 and 1929, the bank issued over 600 home loans, helping many black families achieve their goal of home ownership. Although there were other black banks in Richmond, St. Luke’s Penny Bank had particular prominence and Maggie was the first black member of the previously all-white Virginia Banker’s Association. Under Maggie’s leadership, St. Luke Penny Savings Bank merged with other black owned banks to form Consolidated Bank and Trust in 1931. Consolidated Bank and Trust ceased operations in 2009 when it was bought by Premiere Bank.
Maggie’s former home is today part of the National Park Service and visitors can tour the site for free. National Park Service / Facebook
