RICHMOND, Va. -- The City of Richmond will honor Maggie L. Walker with a downtown statue on Broad Street, Mayor Dwight Jones announced Tuesday. Walker, who died in 1934, is credited the first woman to ever found a bank. As an African-American, Walker devoted her life to civil rights advancement during the Jim Crow-era, the mayor's office said.

"Not only will Richmond gain an important new monument that can reflect the diverse heritage and history of a significant local hero, but this effort will also underscore her role as a champion for civil rights on the national landscape," Mayor Jones said. "Maggie Walker was a revolutionary leader in business, a champion for breaking down barriers between communities and showed incredible strength as a person that came out of extraordinarily challenging circumstances to create great things."

The monument, which will be part of a new plaza at Broad and North Adams streets, is scheduled for completion in 2016.

"[The monument]will serve as a gateway to the historic Jackson Ward community and the new home of the Black History Museum and Cultural Center of Virginia at the historic Leigh Street Armory," the city announced.

Artist Toby Mendez was selected to design the Walker monument. He said he believed Walker's contribution to society was equal to that of Thurgood Marshall and Gandhi.

"Her story is not just one story as she was a pioneer on several levels; a business person, a banker, a teacher and an innovator when it came to creating significant jobs for women in the community. She did this with every stumbling block placed in her path. As an artist, this is the story you want to tell," Mendez said.

The monument will reflect her strength, perseverance and dedication to empower and educate, the city said.

"Richmond has been proud of Maggie Walker for generations. It is about time that we raised a monument to honor and share this strong woman's messages of economic literacy and the power of community," Sarah Driggs, chair of the Maggie Walker Memorial team of the Public Art Commission, said.