Maggie Walker
(1867-1934)
“Have hope, have faith, have courage,
and carry on.”
—Maggie Walker
She was the daughter of slaves but became the first woman to charter a U.S. bank.
At age 14, she joined local council of the Independent Order of St. Luke, a Christian charity that encouraged self-help, cared for the sick and the aged, and assisted Blacks with proper burials.
At age 17, she became an elected officer in St. Luke's, demonstrating the ability to turn it around until the organization thrived.
In 1903, a Black woman who was the daughter of slaves founded the St. Luke Penny Savings Bank in the former capital of the Confederacy, Richmond, Virginia. Maggie Walker also served as the bank's first president, which gave her the status of the first woman to charter a bank in the United States.
Did You Know?
Maggie Walker's parents, William and Elizabeth Mitchell, were once slaves in the Richmond home of Elizabeth Van Lew (1818-1900), who became a secret abolitionist and Union spy during the Civil War.
Elizabeth's father was a successful businessman and sent her to be educated at a Quaker school in Philadelphia where she became schooled in abolition. After her father died, she and her mother not only freed the family's nine slaves but also bought some of the relatives of the slaves and freed them, too.
More Online Resources
Maggie Walker National Historic Site
National Park Service, Richmond, Virginia
Library of Virginia Video Documentary
On YouTube
Biographical Sketch
Wikipedia Entry
The St. Luke Penny Savings Bank gave Black Americans with few resources, just coming out of slavery, the hope that even children who saved as much as a penny regularly could build a savings account and eventually become prosperous. She also created hope for financial prosperity by opening a department store where Black women could work as clerks and earn as much as White women.
