By ReShonda Tate, Houston Defender
Alpha Kappa Alpha, the primary Black Greek sorority, based in 1908, continues to make historical past. Now, the group has created their very personal credit score union, “For Members Solely.”
The FMO credit score union is the primary Black-owned, women-led, sorority-based digital banking monetary establishment within the historical past of america.
“Everybody doesn’t perceive the influence we make financially, so it’s a must to begin doing issues so people know we all know the right way to management our cash,” stated the sorority’s Worldwide President and CEO, Danette Anthony Reed.
Terri Bradford Eason, government director of the FMO federal credit score union, added, “Each member will probably be an proprietor of the credit score union.”
FMO will reportedly provide financial savings accounts, loans and different monetary help to Alpha Kappa Alpha members, together with their households, workers of the sorority, and credit score union.
The primary-of-its-kind financial institution formally opened on July 12 as a part of the sorority’s six initiatives, which embrace constructing financial wealth. Reportedly, plans for the credit score union started a number of years in the past with the concept to create financial well being and monetary stability for ladies of colour.
Per ESSENCE, solely 38 Black-owned credit score unions exist, to which two are owned by Black fraternities: Omega Psi Phi and Phi Beta Sigma.
This text was initially printed by the Houston Defender.
