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Park Service celebrating anniversary of bank

Friday - 11/1/2013, 4:10am  ET

RICHMOND, Va. (AP) -- The National Park Service is getting ready to celebrate the 110th anniversary of the opening of the St. Luke Penny Savings Bank.

Maggie L. Walker opened the bank on November 2, 1903, making her the first African American woman to be founder and president of a chartered bank.

Officials will host a free program on Saturday afternoon at the Maggie L. Walker National Historic Site in Richmond to learn about the bank and tour the bank president's restored home.

Officials say that, to Walker, the bank would combat the oppressive conditions of Jim Crow and segregation while encouraging economic independence in the black community.

The bank had merged with two other black-owned banks by 1931 to become the Consolidated Bank and Trust.

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