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Podcast: Maggie L. Walker’s Historic Mission of Monetary Empowerment | ABA Banking Journal

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In 1903, Maggie Lena Walker turned the primary Black girl to constitution a U.S. financial institution when she opened the St. Luke Penny Financial savings Financial institution in Richmond, Virginia, because the financial institution’s first president. On the most recent episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — historian Shennette Garrett-Scott tells the story of Walker and her mission to assist Black ladies discover monetary empowerment {and professional} profession alternatives.

Garrett-Scott, the writer of Banking on Freedom: Black Women in U.S. Finance Before the New Deal, discusses:

  • How Walker countered impressions that Black ladies have been uniquely dangerous financial institution purchasers.
  • The broader context of African-American banks and what set Walker’s St. Luke Financial institution aside.
  • The relationships between Black banks and mutual support societies and fraternal organizations just like the Unbiased Order of St. Luke.
  • How newly professionalized Progressive Period monetary regulators threw up hurdles to Black-owned banks and insurers.
  • The St. Luke Financial institution’s relationships with white-owned banks in Richmond and elsewhere.

If you happen to can’t see the audio participant above, click here to take heed to this episode.

This episode is sponsored by NICE Actimize Xceed.

Further sources:

On this episode:

Shennette Garrett-Scott
Affiliate Professor
College of Mississippi

Evan Sparks
Editor-in-Chief
ABA Banking Journal

 

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