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St. Luke Penny Savings Bank

Economics

The Independent Order of St. Luke, based in Richmond, Virginia, established the St. Luke Penny Savings Bank in 1903. Like other Black-owned banks, St. Luke was built on a long cultural tradition of mutual aid and financial self-help, through which African Americans pooled their resources to provide support and services for their community. During segregation, banks like St. Luke encouraged Black economic development and wealth-building by providing alternatives to white-owned institutions that excluded or discriminated against Black customers.