Independent Banker - July 2023 - 11

HISTORY LESSON
Turning
nickels into
dollars
In 1901, Black
businesswoman
and teacher Maggie
Lena Walker realized
something: Her
community needed a
bank. " First, we need a
savings bank. ... Let us
have a bank that will take
the nickels and turn them
into dollars, " she said at
the time.
Two years later, her
bank, the St. Luke Penny
Savings Bank-named for
the Black fraternal order
that sponsored it-opened
in Richmond, Va. Nearly
300 customers waited
outside the building the
Maggie Lena Walker (center) with Mattie Dawson (left) and
Emeline Johnson (right), officers in the Juvenile Branch
of the Independent Order of St. Luke, a Black fraternal
organization based in Richmond, Va.
morning of the opening and made deposits ranging from a modest 31 cents
to more than $100, which is the equivalent of roughly $3,500 today. By
1920, the bank had issued more than 600 mortgages to Black families in the
community. It continued to thrive for decades.
Walker is still known as the first Black woman to establish and serve as
president of an American bank. The bank was acquired in 2005 by what is
now Peoples Bank, and a branch now operates across the street from the
original location. -Julie Kendrick
QUICK STATS
$192B
The total amount of personal
loan balances in Q2 of 2022
$8,085
Source: TransUnion
31%
The increase in personal loan
balances from 2021 to 2022
The average new loan amount
for individual borrowers
Read how Dart Bank did it at
TotalExpert.com/Dart
Photo: Witherspoon Collection, Valentine Richmond History Center
Close More Loans in a
Tough Market by Shifting
Your Perspective

http://www.TotalExpert.com/Dart

Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023

Contents
Independent Banker - July 2023 - Intro
Independent Banker - July 2023 - Cover1
Independent Banker - July 2023 - Cover2
Independent Banker - July 2023 - Contents
Independent Banker - July 2023 - 2
Independent Banker - July 2023 - 3
Independent Banker - July 2023 - 4
Independent Banker - July 2023 - 5
Independent Banker - July 2023 - 6
Independent Banker - July 2023 - 7
Independent Banker - July 2023 - 8
Independent Banker - July 2023 - 9
Independent Banker - July 2023 - 10
Independent Banker - July 2023 - 11
Independent Banker - July 2023 - 12
Independent Banker - July 2023 - 13
Independent Banker - July 2023 - 14
Independent Banker - July 2023 - 15
Independent Banker - July 2023 - 16
Independent Banker - July 2023 - 17
Independent Banker - July 2023 - 18
Independent Banker - July 2023 - 19
Independent Banker - July 2023 - 20
Independent Banker - July 2023 - 21
Independent Banker - July 2023 - 22
Independent Banker - July 2023 - 23
Independent Banker - July 2023 - 24
Independent Banker - July 2023 - 25
Independent Banker - July 2023 - 26
Independent Banker - July 2023 - 27
Independent Banker - July 2023 - 28
Independent Banker - July 2023 - 29
Independent Banker - July 2023 - 30
Independent Banker - July 2023 - 31
Independent Banker - July 2023 - 32
Independent Banker - July 2023 - 33
Independent Banker - July 2023 - 34
Independent Banker - July 2023 - 35
Independent Banker - July 2023 - 36
Independent Banker - July 2023 - 37
Independent Banker - July 2023 - 38
Independent Banker - July 2023 - 39
Independent Banker - July 2023 - 40
Independent Banker - July 2023 - 41
Independent Banker - July 2023 - 42
Independent Banker - July 2023 - 43
Independent Banker - July 2023 - 44
Independent Banker - July 2023 - 45
Independent Banker - July 2023 - 46
Independent Banker - July 2023 - 47
Independent Banker - July 2023 - 48
Independent Banker - July 2023 - 49
Independent Banker - July 2023 - 50
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Independent Banker - July 2023 - 63
Independent Banker - July 2023 - 64
Independent Banker - July 2023 - 65
Independent Banker - July 2023 - 66
Independent Banker - July 2023 - 67
Independent Banker - July 2023 - 68
Independent Banker - July 2023 - 69
Independent Banker - July 2023 - 70
Independent Banker - July 2023 - 71
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Independent Banker - July 2023 - 79
Independent Banker - July 2023 - 80
Independent Banker - July 2023 - Cover3
Independent Banker - July 2023 - Cover4
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