Avenger of the Week | Maggie L. Walker, Bank Founder and President

In 1903, Maggie Lena Walker became the first African American woman to found and become president of a bank in the United States.

Through her schooling, paid for by her mother’s laundry service, Maggie graduated in 1883 at the top of her class. She later worked as a teacher while she continued her education by taking business and accounting classes at night. When her husband was killed 29 years later, Maggie had to take charge of managing her late husband’s business, as well as the significant life insurance benefits her family received.

Maggie used her money and expertise to found the St. Luke Penny Savings Bank, a small community insurance company for women, giving them the opportunity for financial independence. St. Luke Penny Savings Bank also handed out small banks to children in order to teach them the importance of saving money. Walker’s bank survived the Great Depression and still exists today as the Premier Bank: Consolidated Division in Richmond, VA.

🦸🏽‍♀️ Maggie L. Walker’s idea to create a bank that “will take nickels and turn them into dollars” drove her to become the first woman bank founder in the United States — and that bank is still in existence today. #GenderAvenger #BlackHistoryMonth https://www.genderavenger.com/blog/avenger-of-the-week-maggie-l-walker