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Amazing Facts About Foundational Black Americans
1903 — Richmond, Virginia
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Did you know a Black American woman became the first in the United States to charter a bank and serve as its president—in 1903?
Maggie Lena Walker was born on July 15, 1864, in Richmond, Virginia.
As a teenager, she joined the local council of the Independent Order of St. Luke, a fraternal burial society. She rose through its ranks until she became Right Worthy Grand Secretary in 1899—a position she held until her death.
Walker transformed the struggling Order into a powerful economic engine. In 1902, she established a newspaper, the St. Luke Herald, to promote communication between the Order and the public. In 1903, she founded the St. Luke Penny Savings Bank and served as its president—becoming the first African American woman in the United States to charter a bank.
In 1929, the St. Luke Penny Savings Bank merged with two other Black-owned Richmond banks to form the Consolidated Bank and Trust Company. Walker served as chairman of the board. She died on December 15, 1934, in Richmond.
Maggie Lena Walker was born on July 15, 1864, in Richmond, Virginia. She rose to lead the Independent Order of St. Luke, a fraternal mutual-aid society. In 1902 she established the St. Luke Herald newspaper, and in 1903 she founded the St. Luke Penny Savings Bank—becoming the first African American woman in the United States to charter a bank and serve as its president. In 1929 the bank merged with two others to form the Consolidated Bank and Trust Company, which Walker chaired. She died on December 15, 1934, in Richmond.
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