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Maggie Lena Walker

Maggie Lena Walker First Black Female Bank PresidentWhen Maggie Lena Walker was just a teen she joined the local chapter of the Independent Order of St. Luke, a fraternal society that provided for the needs of African Americans. Walker believed in a strong community. She also believed African Americans should establish institutions within their community to strengthen it and help it thrive.

Maggie Lena Walker was born in Richmond, Virginia on July 15, 1864 to parents who were formerly enslaved. She attended the Richmond Normal Colored School where she trained as a teacher. After graduating, she taught for three years. At the same time she continued her education and took classes in accounting and business management.

In 1902 Walker founded the St. Luke-Herald newspaper and used the paper to encourage African Americans to grab and hold onto their power by establishing businesses and institutions. The following year she established St. Luke Penny Savings Bank and served as the bank’s first president.

During the Great Depression, when many banks failed, Walker managed to keep St. Luke Penny Savings alive by merging with two other Richmond banks. The new bank was named The Consolidated Bank and Trust Company. Walker served as Chairperson of the Board of Directors.

Later in her life she became partially paralyzed. Walker refused to let her paralysis stop her and continued working for the bank and her community until her death on December 15, 1934.

In 1979 Maggie Lena Walker’s Richmond home was purchased by the National Park Service and designated a National Historic Site.