Alpha Kappa Alpha Makes History As First Sorority With Its Own Credit Union
Alpha Kappa Alpha (AKA), the first Black Greek sorority ever, continues to make history. Now, the organization has created their very own credit union, “For Members Only.”
The FMO credit union is the first Black-owned, women-led, sorority-based digital banking financial institution in the history of the United States, according to ABC7 Chicago, where the AKA’s headquarters is located.
Danette Anthony Reed, International President and CEO of the sorority, stated to the news outlet, “Everyone doesn’t understand the impact we make financially, so you have to start doing things so folks know we know how to control our money.”
Terri Bradford Eason, executive director of the FMO federal credit union added, “Every member will be an owner of the credit union.”
FMO will reportedly offer savings accounts, loans, and other financial assistance to Alpha Kappa Alpha members, including their families, staff of the sorority, and credit union.
“It’s just awesome to know we’ll have the opportunity to actually do something financial,” AKA member Monica Teal told theGrio while waiting in line to open an FMO account.
The first-of-its-kind bank officially opened on Wednesday (July 12) as part of the sorority’s six initiatives, which include building economic wealth. Reportedly, plans for the credit union began a few years ago with the idea to create economic health and financial stability for women of color.
Per ESSENCE, only 38 Black-owned credit unions exist, to which two are owned by Black fraternities: Omega Psi Phi and Phi Beta Sigma.
Take a look at the ribbon cutting ceremony above for Alpha Kappa Alpha’s FMO credit union.
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