Maggie Lena Walker

In spite of humble beginnings in post-Civil War Richmond, Virginia, Maggie Lena Walker achieved national prominence as a businesswoman and community leader. Her business acumen, personality, and lifelong commitment to a beneficial burial society fueled her climb to success. She was the first woman in the United States to found a bank. As a leader her successes and vision offered tangible improvements in the way of life for African Americans and women.

When she was fourteen years old, Maggie Mitchell joined the local council of the Independent Order of St. Luke. This fraternal burial society, established in 1867 in Baltimore, administered to the sick and aged, promoted humanitarian causes and encouraged individual self-help and integrity.

In 1902 Mrs. Walker established a newspaper, The St. Luke Herald, to promote closer communication between the Order and the public. In speeches Mrs. Walker had reasoned, "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." Two years later, in 1903 she founded the St. Luke Penny Savings Bank. Mrs. Walker served as the bank's first president, which earned her the recognition of being the first woman to charter a bank in the United States. Later she agreed to serve as chairman of the board of directors when the bank merged with two other Richmond banks to become The Consolidated Bank and Trust Company. The bank thrives today as the oldest continually African American-operated bank in the United States. Its headquarters are currently located across the street from its original site at the corner of First and Marshall Streets in Richmond.1

Maggie L. Walker was a true visionary of her time and her vision still lives on today at Consolidated Bank & Trust Company. With improved enhancements to our products and services, we continue to be the bank to grow our community and businesses we serve. At Consolidated Bank & Trust Company, we demonstrates everyday Mrs. Walker’s legacy by guiding our customers to a healthy financial life.

1. The historical content of Maggie L. Walker was derived from the National Park Services, U.S. Department of the Interior. To learn more about Maggie L. Walker, visit http://www.nps.gov/mawa/historyculture/index.htm