Turning nickels into dollars: maggie walker and the consolidated bank and trust company

While many are familiar with the history of banking in the United States, relatively few know of its development in the African American community. Following the failure of the Freedman's Bank, shortly after its inception at the close of the Civil War, many African American fraternal organizations expanded their scope of interests to try to fill the void. The intent was to continue to provide the financial base needed to support the growth of a capitalist -employer class. It was envisioned that from such a footing would stem the acquisition of social respectability and economic independence. One of the leaders in this effort was Maggie Walker, the first African American women bank president.