Maggie Lena Walker

Teacher, Businesswoman, and

First African American Bank President

Maggie Lena Walker was born on July 15, 1864, in Richmond, Virginia. She became grand secretary of the Independent Order of St. Luke, an organization dedicated to the social and financial advancement of African Americans. When Maggie Walker assumed control of the Order of St. Luke, the organization was on the verge of bankruptcy. In a speech she gave in 1901, she outlined her plans to save it, and in the coming years, she would follow through on each item she had described. In 1902, Walker founded the St. Luke Herald to carry news of the Order of St. Luke to local chapters and to help with its educational work. The following year, she opened the St. Luke Penny Savings Bank (of which she would remain president until 1929). In 1905, she opened the St. Luke Emporium, a department store that offered African-American women opportunities for work and gave the black community access to cheaper goods. By 1924, under Maggie Walker's continued leadership, the bank served a membership of more than 50,000 in 1,500 local chapters. Additionally, she managed to keep the bank alive during the Great Depression, despite the fact that many were failing, by merging it with two other banks in 1929. For the last few years of her life, Maggie Walker was confined to a wheelchair and continued to suffer from her diabetic condition, and on December 15, 1934, at age 70, she died from complications of the disease. She was buried in Evergreen Cemetery in Richmond. In 1979, her home on East Leigh Street, in the Jackson Ward neighborhood of Richmond, known as the "Harlem of the South," was purchased by the National Parks Service and became a National Historic Site. Source: Biography.com