What is Stories from the Vault?

The Texas Bankers Association started in 1885 and has a history nearly as long and interesting as the banks that TBA exists to support. There have been previous versions of this column, and TBA is committed to reviving this collection of stories to ensure that the culture and traditions of Texas banks are never lost to the vault of history. However, we are also looking to our current member banks and bankers, who are key to the continued legacy of Texas banking and sharing their stories.

The contributions of women over time in the banking world

Recognizing the powerful contributions of influential women in banking within different time frames who paved the way for today.

By Hannah Holder

Women have overcome obstacles in the banking industry, showcasing their determination and resilience. The women who came before us have made significant strides and paved the way for future generations. This edition of Stories from the Vault pays homage to these trailblazing women who have inspired us all with their unwavering spirit.

The woman who started it all

Born to enslaved parents, Maggie Lena Walker began publishing The St. Luke’s Herald, a local organization’s newspaper where she encouraged fellow African Americans in Richmond, Virginia, to channel their own economic power by establishing their institutions through the newspaper. In 1903, Walker founded the St. Luke Penny Savings Bank and became the first woman of any race to charter a bank in the U.S.

St. Luke Penny Savings Bank made history as not only the first U.S. bank chartered by a woman, but a powerful representation for African American people during a time of segregation. The bank continues to operate today.

The women who preceded

Known to be the first woman named president of a U.S. bank, Louise M. Weiser served Winneshiek County Bank following the death of her husband. The family-owned bank in Decorah, Iowa, was run by Weiser from 1875 to 1892.

Recognized as “the first woman of finance,” Muriel Siebert became the first woman to have a seat on the New York Stock Exchange in 1967. She was the only woman out of 1,365 men on the stock exchange for 10 years. Her seat didn’t come easy, the first nine men she asked to sponsor her turned her down, ultimately taking her two years to find a bank that would loan her $300,000 so she could buy a seat and become a member.

Where we are today

History continues to be made today. Lorie K. Logan was named the first woman president and CEO of the Federal Reserve Bank of Dallas in August 2022, leading 1,200 employees at the Dallas Fed.

A woman juggling many high positions, Logan also serves as manager of the System Open Market Account for the Federal Open Market Committee and as the executive vice president of the Federal Reserve Bank of New York.

Banking has come a long way since Walker began paving the way for women. Today, women continue to shape and shift the banking industry to how they see fit, even if it means taking down another barrier.