As the very first Black sorority, historic moments are nothing new for Alpha Kappa Alpha. The organization is continuing its legacy of firsts with a new venture. AKA announced that they have just launched the first credit union owned by a sorority.
The “For Members Only,” or FMO, credit union is now the first Black-owned, sorority-based, women-led digital banking financial institution in the United States. 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.
Alpha Kappa Alpha Making Herstory
Danette Anthony Reed, International President and CEO of the sorority, spoke to ABC 7 Chicago, where Alpha Kappa Alpha headquarters are located, about the news.
“Everyone doesn’t understand the impact we make financially,” she explained. “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.” The organization has almost half a million members.
FMO credit union is chartered, regulated and insured by the National Credit Union Administration. The credit union is based, in part, on the sorority’s six initiatives, including building and sustaining economic wealth.
The new bank officially opened on Wednesday with lines of the sorority’s members outside waiting to open up an account.
“It’s just awesome to know we’ll have the opportunity to actually do something financial,” Alpha Kappa Alpha member Monica Tealsaid to theGrio while waiting in line to open an FMO account.
According to ABC 11, plans for the credit union began a few years ago. It started with the idea to create economic health and financial stability for women of color.
Alpha Kappa Alpha Sorority Incorporated was founded on January 15, 1908, at Howard University. It aims to uplift and empower women through sisterhood, scholarship and service.