Do you know the name Maggie Lena Walker? You should. Especially during African American History Month, but really, she is an inspiration year-round. Several years ago, I heard a talk by Tim Todd of FRB Kansas City about his book, “Let Us Put Our Money Together. The Founding of America’s First Black Banks.” Download the free e-book from the FRB-KC website. It is fascinating, and sad, as history often is.
While Mr. Todd talked about several banks, I was most taken by Ms. Walker’s story. What a visionary. The FRB Richmond website has a very good piece on her, which begins with “Maggie Lena Walker was born black in a society governed by prejudice, female in a society dominated by male achievement, and poor in a community in which poverty was accepted.” None of that stopped her–she chartered a bank and lifted others up. She said, “Let us put our money out as usury among ourselves and realize the benefit ourselves. Let us have a bank that will take the nickels and turn them into dollars.” She founded St. Luke Penny Savings Bank, in Richmond, VA.
That is really what credit unions are all about, aren’t they? Saving and borrowing together, we turn our nickels into dollars. Thank you, Maggie Lena Walker, for your inspiration, this month and always!