Juneteenth: Freedom Day
Juneteenth is a federal holiday that commemorates the end of slavery in the U.S., following the final enforcement of the Emancipation Proclamation on June 19, 1865. As we celebrate and reflect, let’s remember some of the many African American trailblazers in the world of finance.
Maggie Lena Walker
In 1903, Maggie Lena Walker was the first African American woman to charter a bank in the United States. She served as the first president of St. Luke Penny Savings Bank in Richmond, Va. and was later named Chairperson of the Board of Directors when the bank merged with two other institutions. Working in a male-dominated field, Walker served for 30 years and dramatically increased the bank’s assets. Until its acquisition in 2005, the bank was the oldest African American-owned and operated bank in the country. Walker was involved in charitable and civic organizations from a young age until her death in 1934. Her home is now a National Historic Site.
Thomas Patterson
The first African American-owned credit union was founded by Thomas Patterson in 1918. Faced with the inequities of the crop-lien system, he and 22 others took $126 of capital and started the Piedmont Credit Union in Rowan County, N.C. Their successful cooperative model enabled them to give out affordable loans to other black citizens, safeguarding them from racially motivated predatory lending practices. Their success sparked eight other African American-owned credit unions to open their doors in North Carolina within just two years. Today, there are dozens of black-owned credit unions and other financial institutions throughout the U.S.
Blanche Kelso Bruce
Blanche Kelso Bruce was a man of many firsts. In 1881, he was named the first African American Register of the Treasury by President James Garfield. His signature appeared on all U.S. currency until 1885. Prior to his days in Washington, D.C., Bruce briefly attended college, before starting the first school for African Americans in Missouri before making his fortune in Mississippi. He was the first African American to serve a full term in the U.S. Senate. He is also known for his investigation of the collapse of a federal bank established to help former slaves.
Summary
As firsts in their fields, Maggie Lena Walker, Thomas Patterson and Blanche Kelso Bruce helped lay the foundation of what is known today as diversity, equity and inclusion. The efforts of these courageous pioneers paved the way for many others who followed in their footsteps.
Sources:
Financial Pioneers: Thomas Patterson & Piedmont CU - Connexus Credit Union (connexuscu.org)
11 Black Finance Leaders in History | BECU
The State of U.S. Wealth Inequality | St. Louis Fed (stlouisfed.org)