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On this date in 1903, the Saint Luke Penny Savings Bank opened its doors.
Started by Maggie Walker in Richmond, Virginia, this was one of the first Black-owned banks in America.
The Saint Luke Penny Savings Bank, as its name suggests, was established as an institution whose interest was the small investors, literally the pennies of the Black washerwomen, ultimately proving that even with pennies, the Black community had economic power in America.
Saint Luke Penny Savings Bank merged with two other banks to become Consolidated Bank and Trust, the oldest existing Black-owned. It operated bank in the U. S., with several branches today in Richmond and Hampton, Virginia.