Walker served as the bank's first president, which earned her the recognition of being the first African-American woman to charter a bank in the United States. Charles Thaddeus Russell was Richmond's first black architect and he designed the building for Walker.

In 1903, Walker chartered the St. Luke Penny Savings Bank. She wanted to help finance black home ownership and turn saved cents into dollars for black people.

Along with her leadership of the Independent Order of St. Luke, Maggie Walker was also involved with the NAACP, The National Association of Colored Women, the National Urban League and National Negro Business League, and the United Order of Tents.

As a leader, Walker achieved successes with the vision to make tangible improvements in the way of life for African Americans. Disabled by paralysis and a wheelchair user later in life, Walker also paved the way for people with disabilities.

Walker's restored and furnished home in the historic Jackson Ward neighborhood of Richmond, Virginia has been designated a National Historic Site, operated by the National Park Service.

When she was fourteen years old, Walker joined the local council of the Independent Order of St. Luke. This fraternal organization was originally established as a burial society in 1867 in Baltimore, Maryland by Mary Prout.