Maggie Lena Walker: America’s First Female Bank President

In observance of Women’s History Month, I wanted to take the last few weeks of March in tribute to two women who people may not know about. The first one is Maggie Lena Walker, who made history in the banking industry.

Maggie Lena Walker

Blacks have had a history in banking going back to the 1800’s. One of the pioneers in the banking industry was a Black woman named Maggie Lena Walker. She became the first female bank president in America. Maggie Lena Walker was the organizer and founder of the St. Luke Bank and Trust Company of Richmond, Virginia. Her story is one of hard work and dedication to the communities of color that she served.

Maggie Lena Walker was born in 1867, two years after the Civil War ended. She was one of two children to William Mitchell and Elizabeth Draper, who had been slaves owned by the Van Lew family of Richmond. The Van Lew mansion was a station on the Underground Railroad. Union soldiers were harbored at this site after they escaped from Confederate prisons in Richmond.

Maggie grew to be a very smart child always wanting to learn. At the age of 16 she began a teaching career. Later she became the executive secretary of the Independent Order of the St. Luke Society. Later she was appointed the grand-secretary treasurer, a position that she held for 35 years. She had no previous training, but she became a great success. In those days insurance policies were unheard of for Blacks. The purpose of the Order of St. Luke was to assist the elderly and sick members and provide the funeral and burial services. Maggie maintained the membership records. Later she conceived the idea of teaching the members how to save and invest their money. From this came the idea of starting the St. Luke Penny Savings Bank. She became president of the bank.

When Maggie became the secretary-treasurer in 1899, the organization had about 3,400 members, no reserve funds, no property, and an inadequate staff. By 1924, she increased the membership to 100,000, acquired a $100,000 office building, a cash reserve of about $70,000 and a full-time working staff of 55, along with 145 field workers. She launched a newspaper called the St. Luke Herald. In September, 1890, Maggie married Armistead Walker, a wealthy Black businessman. They had two sons. After the birth of their first son, Maggie put his care into the hands of their household servants and devoted the majority of her time to the bank. She moved up in rank, establishing new services with each advancement. In 1895, she formed the juvenile branch of the Order and drafted governing laws. Her second son, Melvin, was born in 1897.

In 1903, Maggie Lena Walker, began a move to change the name of the St. Luke Penny Savings Bank to the St. Luke Bank and Trust Company. Later it became the Consolidated Bank and Trust Company with Mrs. Walker as the chairman of the Board. Maggie Lena Walker made giant strides in the banking world, respected by both Blacks and Whites. The St. Luke fund helped Black boys and girls get an education. Maggie also headed many civic organizations. She organized the Council of Colored Women with 1400 women. She established a home for delinquent Black girls in Richmond. She also paid $5,000 to purchase land for the organization of Colored Women.

Maggie Lena Walker was prominent in all community enterprises. Blacks paid a great honor to her in 1934, when national Black organizations declared the month of October as “Maggie L. Walker Month.” One thousand statuettes of her were placed in Black homes, schools, and businesses across the country. She died later that same year.

As we reflect on our history as African Americans, we must remember the life of people such as Maggie Lena Walker. Her story is a testament to what we can do as a people and how we can transform our community and solve our own problems. This is why learning our history is so important. The success of Maggie Lena Walker is a blue print that we can use for the future. As the Honorable Marcus Mosiah Garvey stated, “Up You Mighty Race, You Can Accomplish What You Will.”

Author’ Note: The next article will feature the first female Black Historian in the City of Buffalo.