[Congressional Record (Bound Edition), Volume 147 (2001), Part 5]
[Extensions of Remarks]
[Pages 6451-6452]
[From the U.S. Government Publishing Office, www.gpo.gov]



                      RECOGNITION OF MAGGIE WALKER

                                 ______
                                 

                            HON. ERIC CANTOR

                              of virginia

                    in the house of representatives

                        Thursday, April 26, 2001

  Mr. CANTOR. Mr. Speaker, I rise today in tribute to one of our 
nation's most distinguished women. Maggie Walker, a native of Richmond, 
Virginia, will be recognized for her vast accomplishments as the 
country's first African American female bank president on April 26, 
when she will be inducted into the Junior Achievement National Business 
Hall of Fame.
  Maggie Walker was born in 1867 and grew up in a rented house in 
downtown Richmond. Her stepfather died when she was a young girl, 
leaving her mother to raise two children, and Ms. Walker helped support 
the family by taking in laundry. In describing her childhood, Walker 
once said: ``I was not born with a silver spoon in my mouth, but 
instead, with a clothes basket almost upon my head.''
  At the age of 14, Ms. Walker joined the Independent Order of St. 
Luke, a fraternal insurance society created for African Americans to 
help the sick, bury the dead, and promote humanitarian causes during 
the post-Civil War period. She quickly moved up through the Order's 
ranks, and by 1899 she held a national leadership position in the 
organization. Ms. Walker greatly contributed to the success of the St. 
Luke Penny Savings Bank and by 1920, the bank had financed 645 African 
American homes.
  Ms. Walker eventually became the President of the St. Luke's Penny 
Savings Bank, a post she held for almost 30 years until poor health led 
to her retirement in 1932. Ms. Walker's bank later merged with two 
others to become the Consolidated Bank and Trust Company. This bank 
still operates in Richmond and is the oldest continually operating 
African American bank in the country. The bank carries on some of 
Walker's goals by teaching children the value of money and providing 
loans to African Americans for home ownership.
  Throughout her life, Walker worked closely with other groups and 
organizations to benefit women and her race. She was a member of the 
Virginia State Federation of Colored Women's Club and the Executive 
Committee of the National Association of Colored Women's Clubs. She 
helped organize the Richmond Chapter of the National Association for 
the Advancement of Colored People and participated on its National 
Board of Directors. She was also affiliated with Virginia Union 
University, the National Negro Business League, the Richmond Community 
Hospital, and the Commission on Interracial Cooperation.
  This year Maggie Walker will be inducted into the National Business 
Hall of Fame. The Junior Achievement National Business Hall of Fame was 
established in 1975 to recognize those individuals who have made 
outstanding contributions to free enterprise and society. The criteria 
for selection includes a demonstration of business excellence, 
courageous thinking and acting, inspired leadership and community 
mindedness. Since its inception, the Hall of Fame has welcomed 195 
laureates. Their achievements are honored in a permanent exhibit in the 
Chicago Museum of Science and Industry.
  Mr. Speaker, Maggie Walker was able to achieve unparalleled success 
in a society that was governed by prejudice, in a business dominated by 
men, and in a poor community where poverty was accepted. Her efforts 
improved the lives of countless Americans, helped revitalize an 
impoverished community,

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and allowed many people to realize the American dream of home 
ownership. She truly embodied the spirit of the American entrepreneur 
and I commend Junior Achievement for their recognition of this 
distinguished Virginian.

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