This Black History Month, Stone Bank is highlighting the work of Black leaders in banking.
Maggie Lena Walker made history in 1903 when she became the first woman in the United States to charter a bank. She established the St. Luke Penny Savings Bank in Richmond, Virginia, with the vision of empowering the African American community. Under her leadership, the bank became a cornerstone of support for Black families in the area.
By 1920, St. Luke had issued over 600 mortgages, helping African American families achieve the dream of homeownership, a rarity for Black communities at the time. Maggie Walker’s pioneering efforts in banking left a lasting impact, creating financial access and opportunity where there had been little before.
Today, her legacy lives on in Richmond, where her bank, now consolidated with others, continues to operate.
Read more: https://www.nps.gov/mawa/the-st-luke-penny-savings-bank.htm
The first Black-owned bank in the United States, Capital Savings Bank, was founded on October 17, 1888, in Washington, D.C. The institution provided loans to Black entrepreneurs, helping them establish businesses, purchase property, and build generational wealth.
By 1892, deposits had grown to an estimated $300,000, showing the community’s confidence in the bank. Although Capital Savings Bank closed in 1902, its impact was far-reaching. It became a model for other Black-owned financial institutions, leading to the establishment of 134 Black banks between 1888 and 1934.
While Capital Savings Bank no longer operates, its pioneering spirit lives on in the many Black-owned banks and businesses that continue to uplift communities today.
Credit: The Melanin Project