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In 1903, Maggie Walker convinced a local group to bring together about $9,400 to open the St. Luke Penny Savings Bank, becoming the first black woman and first woman of any race to preside over a savings institution. She served as the bank's president.

  • Bank customers deposited a nickel a week into their accounts, and by 1913 the bank had amassed $300,000 in assets. By 1920, the bank had helped to purchase 600 homes.
  • After the Great Depression, St. Luke Savings absorbed all the other local black-owned banks and become Consolidated Bank and Trust, holding assets of $400,000.
  • The bank is still headquartered in Richmond, Virginia, and Walker's home has been designated a National Historic Site.