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Alpha Kappa Alpha, the first collegiate sorority for Black women, is now the first to have its own credit union.
The sorority held a live stream on Thursday during the ribbon-cutting at its international headquarters in Chicago.
The commencement ceremony coincided with the organization’s annual leadership conference.
According to Chicago’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.
“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,” said Danette Anthony Reed, international president and CEO of AKA Sorority, in an interview with ABC7 Chicago.
Alpha Kappa Alpha Sorority establishes credit union
The 115-year-old organization partnered with Aurora Advantage to provide digital banking services to members.
The idea for “FMO” was publically introduced in 2023 when the sorority introduced a new theme of “Soaring to Greater Heights of Service and Sisterhood.” Alpha Kappa Alpha Sorority’s members are committed to implementing key strategies to build personal, organizational, and community economic wealth.
The mission behind offering financial services is backed by their foundation pillar of being a “service to all mankind.”
“Every member will be an owner of the credit union,” FMO Federal Credit Union Executive Director Terri Bradford Eason told WLS.
The financial institution is open to active AKA members and their immediate families, staff and credit union employees.
FMO is a regulated and insured credit union that will reportedly offer savings accounts and loans.
Alpha Kappa Alpha Sorority Incorporated was founded on January 15, 1908, on the campus of Howard University. For over 115 years, the organization has upheld standards steeped in tradition and service. AKA has over 335,000 members worldwide, including prominent women such as Vice President Kamala Harris, author/activist Toni Morrison and journalist Star Jones.