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Home ABA Banking Journal Podcast

Black History Month: Maggie L. Walker’s Historic Mission of Financial Empowerment

February 2, 2023
Reading Time: 2 mins read
Podcast: Maggie L. Walker’s Historic Mission of Financial Empowerment

Maggie Lena Walker, center, pictured with colleagues in the Independent Order of St. Luke.

In 1903, Maggie Lena Walker became the first Black woman to charter a U.S. bank when she opened the St. Luke Penny Savings Bank in Richmond, Virginia, as the bank’s first president. In a classic replay episode of the ABA Banking Journal Podcast — sponsored by xChange — historian Shennette Garrett-Scott tells the story of Walker and her mission to help Black women find financial empowerment and professional career opportunities.

Garrett-Scott, the author of Banking on Freedom: Black Women in U.S. Finance Before the New Deal, discusses:

  • How Walker countered impressions that Black women were uniquely risky bank clients.
  • The broader context of African-American banks and what set Walker’s St. Luke Bank apart.
  • The relationships between Black banks and mutual aid societies and fraternal organizations like the Independent Order of St. Luke.
  • How newly professionalized Progressive Era financial regulators threw up hurdles to Black-owned banks and insurers.
  • The St. Luke Bank’s relationships with white-owned banks in Richmond and elsewhere.

If you can’t see the audio player above, click here to listen to this episode.

This episode is sponsored by xChange.

 

Additional resources:

  • Read a past Banking Journal feature on Walker as one of nine young bankers who changed America.
  • Read a Wall Street Journal article on Walker’s legacy.
  • View a virtual tour of Walker’s home in Richmond.

In this episode:

Shennette Garrett-Scott
Associate Professor
Texas A&M University
Evan Sparks
Editor-in-Chief
ABA Banking Journal

 

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Tags: ABA Banking Journal PodcastFinancial inclusionHistoryMinority depository institutionsWomen in banking
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