CHICAGO, Feb. 18, 2023 (GLOBE NEWSWIRE) — Alpha Kappa Alpha Sorority, Incorporated®, now has its financial institution after the National Credit Union Administration granted a federal charter and unit insurance fund to the For Members Only Federal Credit Union of Chicago. Members Only Federal Credit Union is the first black-owned, women-led digital banking institution in United States history.

Alpha Kappa Alpha Sorority Incorporated® consists of more than 355,000 Initiated Members in 1,061 graduate and undergraduate chapters in 12 countries in the United States, US Virgin Islands, Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, Nigeria, South Korea, South Africa and the US Virgin Islands. The credit union serves the members of Alpha Kappa Alpha Sorority, their family members, and the organization’s employees.

For Members Only will provide customer-focused, affordable access, including digital financial services and financial products to improve their members’ economic conditions. During its first year of operation, the credit union plans to offer its members primary savings and lending services, including stock accounts, stock exchange accounts, online banking, direct deposit, debit cards and personal loans.

The Federal Credit Union’s members-only charter went into effect February 3, and the credit union is expected to begin operations in 2023. For members, the Federal Credit Union is the first federal credit union, established 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, DC. It is the oldest Greek letter organization founded by college-educated African American women. Alpha Kappa Alpha includes over 355,000 members in 1,061 college and elementary school chapters across the United States, the US…