By ReShonda Tate
The FMO credit union is the first Black-owned, women-led, sorority-based digital banking financial institution in the history of the United States.
“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,” said the sorority’s International President and CEO, Danette Anthony Reed.
Terri Bradford Eason, executive director of the FMO federal credit union, added, “Every member will be an owner of the credit union.”
FMO will reportedly offer savings accounts, loans and other financial assistance to Alpha Kappa Alpha members, including their families, staff of the sorority, and credit union.
The first-of-its-kind bank officially opened on July 12 as part of the sorority’s six initiatives, which include building economic wealth. Reportedly, plans for the credit union began a few years ago with the idea to create economic health and financial stability for women of color.
Per ESSENCE, only 38 Black-owned credit unions exist, to which two are owned by Black fraternities: Omega Psi Phi and Phi Beta Sigma.