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In another groundbreaking milestone, the first Black sorority has etched its name in history once again.
Alpha Kappa Alpha (AKA) achieved an extraordinary feat by launching its very own credit union, on Wednesday, July 12th, marking the first instance of a Greek letter organization achieving such a milestone.
The credit union, named For Members Only or FMO, holds a momentous distinction as the first-ever Black-owned, women-led, and sorority-based digital banking financial institution in the United States. This momentous accomplishment has been reported by ABC7 Chicago, which is also the location of the sorority’s headquarters.
In an interview with ABC7 Chicago, Danette Anthony Reed, the international president, and CEO of AKA Sorority emphasized the significance of this initiative: “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.”
According to reports, the newly chartered credit union operates under regulation and insurance, providing an array of financial services such as savings accounts, loans, and other offerings to not only AKA members and their families but also to AKA staff and credit union employees.
According to ABC7 Chicago, Terri Bradford Eason, FMO federal credit union executive director said, “Every member will be an owner of the credit union”.
There are currently 38 Black-owned credit unions, with two of them being affiliated with Black fraternities. These two credit unions are the Omega Psi Phi Credit Union in Lawrenceville, Georgia, and the Phi Beta Sigma Federal Credit Union located in Washington, DC.
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Fharnell M.
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