If I asked you to picture a banker from 1903, I’d bet that Maggie Lena Walker would not look anything like the person you pictured. This imposing and fearless woman, born to enslaved parents, broke stereotypes related to race and gender and became the first woman (of any race) to own a bank in the United States.
Early Life
Maggie was born in 1864 in Richmond, Virginia, during America’s Civil War. At war’s end, and after the passing of the 13th Amendment, her family remained in Richmond where she attended public school. In 1876, her father died leaving the family in dire economic straits. Her mother became a laundress and Maggie would deliver the clean laundry to the white patrons, seeing first hand the differences in the quality of life between the races in the United States and the level of security money could provide.
After graduating, Maggie became a teacher for a short time before marrying Armstead Walker, Jr. She also became a member of the Independent Order of St. Luke’s, an organization dedicated to helping African Americans by promoting self help and integrity. As a grand deputy matron in 1895, she established a youth division for the Order and worked to inspire a social consciousness in young African Americans. By 1901, Maggie was in charge of the organization and began publishing the organization’s newspaper in 1902. One of her platforms was to encourage African Americans to be financially responsible, saying, "Let us put our money together; let us use our money; Let us put our money out at usury among ourselves, and reap the benefit ourselves."
St. Luke’s Penny Savings Bank
Determined to empower African Americans, Maggie established the St. Luke’s Penny Savings Bank on November 2, 1903 (only 38 years after the abolition of slavery) and served as the bank’s first president for over 25 years. This distinction allowed her to be recognized as the first woman of any race to charter a bank in the United States, giving her the name recognition needed to appeal to adults and children, encouraging fiscal responsibility and autonomy.
On opening day, a long line of black citizens proudly opened a bank account, a first for many. Nobody in line was turned away and patrons were welcomed by black tellers, which was revolutionary in itself. Records from the day show that one customer opened an account with only 31 cents! At the end of the day, the bank had 280 accounts, over $8000 in deposits, and had sold over $1000 in stock to investors.
The bank grew under Maggie’s guidance and boasted more than 50,000 members by 1924, surviving through the Great Depression. Eventually the bank merged with two other Richmond Banks and Maggie agreed to continue in a leadership role on the board of directors of the newly formed Consolidated Bank and Trust Company. The bank thrived as the oldest continually African American-operated bank in the United States until 2009.
Other Ventures
Banking wasn’t the only way Maggie supported her community! In 1905, she opened the St. Luke Emporium, a department store aimed at supporting the black community. The Emporium primarily employed black women and offered them opportunities that paid a living wage outside of physical or domestic work. Additionally, the Emporium was about establishing dignity in a non-segregated way and stood alongside white-owned stores with pride.
Although devastated in 1915 after the tragic loss of her husband, in which her own son mistook his father for an intruder and shot and killed him, Maggie maintained several leadership roles to promote the dignity of the black community. She was a member of the National Association of Colored Women (NACW) and served as Vice President of the Richmond chapter of the National Association for the Advancement of Colored People (NAACP). She also fought for women’s rights and advocated for education in her role as a board member of the Virginia Industrial School for Girls.
In 1978, Maggie Walker’s home in Richmond, where she raised her family, became a national historic site. To further honor her incredible legacy and her contributions to American history, a statue of Maggie was dedicated in Richmond in 2017, on what would have been her 153rd birthday, and was attended by nearly 1000 people, including Maggie’s great-great granddaughter.
Maggie’s goal was never individual success. Rather, she worked hard to advance her community and provide opportunities for progress within African American families and neighborhoods.
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