Maggie Lena Walker founded the St. Luke Penny Savings Bank in 1903 and became the first African American woman bank president in the United States.
Walker was born in Richmond, Virginia, in 1864 and became active in the Independent Order of St. Luke, a fraternal organization that provided support and financial services to Black communities. As the organization’s leader, she promoted savings, employment, education, and business ownership.
St. Luke Penny Savings Bank opened in Richmond in 1903. Walker served as its president, making her a pioneering figure in American banking and African American business history. The institution later merged with two other Richmond banks and became the Consolidated Bank and Trust Company.
She is sometimes confused with Madam C. J. Walker, the hair-care entrepreneur. They were different women, although both were prominent African American business leaders during the same era.