The women of Alpha Kappa Alpha Sorority, Inc. (AKA) officially have their own credit union.
According to Chicago, IL’s WLS – ABC 7, “For Members Only,” also known as FMO, is now the first digital financial institution in America that is Black-owned, women-led, and founded by a sorority.
Leaving An Imprint
“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,” AKA International President and CEO Danette Anthony Reed said.
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What’s more, the credit union’s grand opening took place in Chicago, home of the AKA’s international headquarters, during their annual sorority leadership conference. Today, the 115-year-old group, started by college-educated Black women, serves as one of America’s oldest service organizations and is home to nearly half a million members across the globe.
Initial ideas around launching a credit union began in recent years with a heavy focus on helping women of color build financial stability and economic health. This comes from the AKA’s six ongoing initiatives, including the development of economic wealth.
The Next Generation Of Credit Union Owners
“Every member will be an owner of the credit union,” FMO Federal Credit Union Executive Director Terri Bradford Eason said.
The financial institution is currently open to all AKA members and their immediate family as well as staff and credit union employees.
Open For Business
On Wednesday (July 12), the doors to the FMO credit union officially opened, and members jumped in line at the chance to open an account.
“It’s just awesome to know we’ll have the opportunity to actually do something financial,” member Monica Teal said.
Another FMO board member, Deardra Hayes-Whigham explained why she and her family decided to become founding subscribers.
“We want to invest in what we own,” she shared.
The first-of-its-kind FMO credit union is now up and running!