Alpha Kappa Alpha Sorority, Inc. Will Open First Black-Owned, Woman-Led Federal Credit Union

July 13, 2023

Alpha Kappa Alpha Sorority, Incorporated (r) (AKA), now has its own financial institution after the National Credit Union Administration granted a federal charter to For Members Only Federal Credit Union in Chicago and Share Insurance Fund coverage.

FMO Federal Credit Union was the first digital banking financial institution founded by a sorority, led by a woman of color, in the United States.

The FMO Credit Union is scheduled to open its doors at AKA’s Corporate Headquarters on Wednesday, July 12th, 2023. In conjunction with the AKA Leadership Seminar 2023, AKA International President & Chief Executive Officer Danette Anthony Reed will be present, as will FMO Executive Director Terri Braden-Eason and International Board Members of AKA. Also in attendance will be elected Chicago officials including Alderman Desmon Yancy of the 5 th ward.

The full-service Chicago location is open to AKA members, their immediate families, AKA Corporate Office Staff, and FMO Credit Union Employees. FMO is part of “Build Our Financial Wealth,” one of six AKA Administration Program Initiatives for 2022-2026.

The FMO initiative encourages members to “Reinvest their income for our future.”

FMO Credit Union provides affordable digital financial services, financial products and customer-centric access to their members. This will improve the economic condition of its members.

In the first year, the credit cooperative plans to offer primary saving and lending services including share accounts, draft accounts, online banking and direct deposit.

FMO is chartered by, governed, regulated and insured under the National Credit Union Administration.