FAQ About Maggie Lena Walker
What was Maggie Lena Walker's contribution to the banking industry?
Maggie Lena Walker made history by becoming the first African American woman to charter and serve as president of a bank in the United States. She founded the St. Luke Penny Savings Bank in Richmond, Virginia, in 1903. Her leadership helped foster economic independence within the African American community by providing financial services tailored to their needs, thus encouraging saving and investment. The bank also offered loans to black businesses and homeowners, contributing significantly to local economic development.
