Looking Black On Today In 1903, the Saint Luke Penny Savings Bank Opened It Doors

0 Posted by - November 2, 2015 - BLACK BUSINESS, LATEST POSTS, Looking Black On Today

On this date in 1903, the Saint Luke Penny Savings Bank opened it doors.
Started by Maggie Walker in Richmond, Virginia, this was one of the first 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 African-American washerwomen–ultimately proving that even with pennies, the African-American community had economic power.

Saint Luke Penny Savings Bank merged with two other banks to become Consolidated Bank and Trust, the oldest existing owned and operated bank in the U. S., with several branches today in Richmond and Hampton, Virginia.

Original post found at http://www.aaregistry.org/historic_events/view/saint-luke-penny-savings-bank-opens

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