News

Maggie L. Walker: First African American Woman to Found a Bank in the United States

Maggie Lena Mitchell was 𝐛𝐨𝐫𝐧 on July 15, 1864, the daughter of Elizabeth Draper and William Mitchell. Both of her parents were 𝐛𝐨𝐫𝐧 into slavery in Virginia. Her mother worked as a servant at the Van Lew estate in Richmond, Virginia.

Tragedy struck the Mitchell family early in post-Civil War Richmond when her father was found floating in a river, robbed and murdered. Despite these early challenges, Maggie graduated from the Colored High and Normal School at the top of her class and would achieve national prominence as a community leader and business woman — becoming the first African American woman in the United States to found a bank.

Born into a South changed by the Civil War, Maggie’s graduating class was quite active in pressing forward the cause of equal treatment under the law. In fact, her class is known to have held the first school strike by African Americans in the United States. The topic of the strike was that graduates of European descent were given a city facility for their commencement exercises, something the students of African descent were deprived. Maggie’s class was successful in its protest, resulting in succeeding graduates having equal access to tax-supported facilities. On September 14, 1886, Maggie married Armistead Walker, Jr. Her husband was a successful brick mason and building contractor, providing her with a comfortable life to raise their two sons and care for the family.

1901 Executive Board of the Order of St Luke

The young Mrs. Walker soon became active with the Order of St. Luke organization, a fraternal burial society originally established in Baltimore in 1867 to help the aged, sick and to bury the dead. She held many positions in the fraternal order. By 1899, she was the organization’s Right Worthy Grand Secretary. She soon took over the financially ailing organization when it had no money, no property and only 300 members. Bring the organization back to solvency, Maggie increased its membership to 100,000 and expanded the reach of the association to 24 states.

Headquarters of the St. Luke Penny Savings Bank

By 1902, Mrs. Walker had developed a plan for a banking institution to be called the St. Luke Penny Savings Bank. In one of her speeches she stated,  “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.” On November 2, 1903, the St. Luke Penny Savings Bank opened for business at the St. Luke Headquarters Building at 900 St. James Street in Richmond, Virginia. Mrs. Walker became its first president and the first African American woman to charter a U.S. bank.The St. Luke Penny Savings Bank would later become the St. Luke Bank and Trust Company, a depository for city taxes and gas and water accounts. It eventually merged with two other local banks and became The Consolidated Bank and Trust Company. Until 2009, the bank was the oldest continually running African American operated bank in the United States.

Related Posts

BREAKING: Kid Rock and Blake Shelton announce a no-woke ‘Red States’ tour directly challenging Beyoncé and Taylor Swift’s shows. “We’re officially back!”

Kid Rock and Blake Shelton have caused a stir when announcing a new tour called ‘Red States’, a project that is promoted as “not in awakening style” and…

Sad Update: Whoopi Goldberg Hospitalized in Critical Condition, Family Confirms Devastating News… see more

SAD NEWS: Whoopi Goldberg’s family sadly announced that she has been hospitalized in critical condition and confirmed that Whoopi Goldberg… has woken up from a surreal and emotional…

BREAKING NEWS: The battle continues where history repeats itself as Paris Jackson follows in her father’s footsteps, shocking netizens when she has to…

Paris Jackson, daughter of the legendary King of Pop, Michael Jackson, is once again capturing the world’s attention, following in her father’s iconic footsteps. With a remarkable combination…

URGENT: 15 minutes ago, Glen Powell’s family officially released information about his current condition. Unfortunately, while he was working, he was… see more

In a surprising and unexpected announcement, the family of renowned actor Glen Powell officially confirmed just 15 minutes ago that he has left home for an extended stay…

NEWS: Unfortunately, 39 minutes ago in Chicago, “America’s Got Talent” Simon Cowell was confirmed as… see more

Simon Cowell in Critical Condition: What We Know So Far After the Shocking Incident in Chicago The entertainment world is in shock following the confirmation of tragic news…

SHOCKING: Leonardo DiCaprio, 49, spotted showing public affection with 19-year-old girlfriend in the Caribbean ‘He broke up with his ex because… see more

Iп a receпt sightiпg that has sparked widespread media atteпtioп, Hollywood heartthrob Leoпardo DiCaprio, aged 49, was caυght iп a steamy embrace with his 19-year-old girlfrieпd dυriпg a romaпtic getaway…

Leave a Reply

Your email address will not be published. Required fields are marked *