July 14th 2023.
Recently, members of the Alpha Kappa Alpha Sorority, Inc. participated in a special ribbon-cutting ceremony. This ceremony was held to commemorate the grand opening of the sorority's new 'For Members Only' credit union located in the organization's corporate headquarters in Chicago. The event was held ahead of the 2023 Leadership Seminar, and the sorority proudly announced the opening on their Instagram page.
ABC7 reported that the 115-year-old sorority initiated plans for the credit union a few years ago. The main focus of the project was to generate economic and financial stability for women of color. Danette Anthony Reed, the international president and CEO of AKA Sorority, told the outlet that “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.”
Throughout its first year of operation, members of FMO will have access to primary savings, loans, and other banking services. The board member Deardra Hayes-Whigham stated that “we want to invest in what we own.” AKA sorority member Monica Teal expressed her excitement for the opportunity to “actually do something financial.”
FMO will serve members of the AKA sorority and their immediate families. Additionally, those who work for the credit union and the organization will be granted access to the credit union's services. Terri Bradford Eason, FMO federal credit union executive director, said that “every member will be an owner of the credit union.” FMO is chartered, regulated, and insured by the National Credit Union Administration.
The Alpha Kappa Alpha Sorority, Inc. has been working hard to create new establishments on behalf of the organization. They recently announced their collaboration with the Ivy Alliance Foundation to transform the former St. Louis home of the sorority's founder, Ethel Hedgemon Lyle, into a museum. A land dedication for the 12,000-square-foot community center took place in December 2022.
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