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Mon, 11.02.1903

Saint Luke Penny Savings Bank Opens

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 and operated bank in the U. S., with several branches today in Richmond and Hampton, Virginia.

Reference:
The Virginia Historical Society
428 North Boulevard,
Richmond, Virginia 23220
Phone: 804.358.4901

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