Alpha Kappa Alpha, the nation’s oldest Black sorority, has announced the opening of its own credit union, reports the Atlanta Journal-Constitution. The aim of the bank is “to help build generational wealth for Black women, promote social justice and uplift communities.”
On February 3, 2023, the National Credit Union Administration granted the For Members Only Federal Credit Union a charter; the sorority is planning for the bank to be up and running by the end of the year.
Danette Anthony Reed, AKA International President, shared the exciting news in a letter to their members.
“As the first Black-owned, woman-led, sorority-based (and) 100% digital financial institution, we are poised to deliver innovative financial solutions that drive economic growth for our members, chapters, families, and employees of Alpha Kappa Alpha Sorority,” she wrote.
Alpha Kappa Alpha is the latest Black sorority to establish a credit union. In 1986, Omega Psi Phi Fraternity along with Phi Beta Sigma Fraternity both started credit unions. Kappa Alpha Psi, founded a credit union in 2004 but closed it in 2010.
