CHICAGO, Feb. 18, 2023 (GLOBE NEWSWIRE) -- Alpha Kappa Alpha Sorority, Incorporated®, now has its financial institution following the National Credit Union Administration’s granting of a federal charter and Share Insurance Fund coverage to For Members Only Federal Credit Union in Chicago. For Members Only Federal Credit Union is the First, Black-owned, Woman-led, sorority-based, digital banking financial institution in the history of the United States.
Alpha Kappa Alpha Sorority Incorporated® is comprised of more than 355,000 initiated members in 1,061 graduate and undergraduate chapters located in 12 countries in the United States, the U.S. Virgin Islands, the Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, Nigeria, South Korea, South Africa, and the U.S. Virgin Islands. The credit union will serve Alpha Kappa Alpha Sorority members, their family members, and the organization’s employees.
For Members Only will provide customer-centric affordable access, including digital financial services and financial products for improving the economic conditions of their members. During the first year of operations, the credit union plans to offer its members primary savings and lending services, including share accounts, share draft accounts, online banking, direct deposit, debit cards, and personal loans.
For Members Only Federal Credit Union’s charter became effective February 3, and the credit union expects to commence operations in 2023. For Members Only Federal Credit Union is the first federal credit union chartered in 2023.
About Alpha Kappa Alpha Sorority, Incorporated®: Alpha Kappa Alpha Sorority, Incorporated (AKA) is an international service organization founded in 1908 at Howard University in Washington, D.C. It is the oldest Greek-letter organization established by African American, college-educated women. Alpha Kappa Alpha comprises over 355,000 members in 1,061 graduate and undergraduate chapters in the United States, the U.S. Virgin Islands, the Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, South Africa and South Korea. Led by International President and CEO Danette Anthony Reed, Alpha Kappa Alpha is often hailed as “America’s premier Greek-letter organization for African American women.” For more information on Alpha Kappa Alpha Sorority and its programs, visit www.aka1908.com.
Media Contact:
Carisma Ramsey Fields
Cramsey@aka1908.com
225-931-7310
