Press

For Members Only Federal Credit Union launches with equity at the helm

NAPERVILLE, IL (March 29, 2023) — Alpha Kappa Alpha Sorority, Incorporated® (AKA) has been making history since its founding in 1908 and this year marks another milestone for this remarkable group of women. The Illinois Credit Union League (ICUL) is delighted to share the news of the sorority’s new credit union charter, For Members Only Federal Credit Union, in Illinois.

AKA is the oldest Greek letter organization established by African American college-educated women. It was founded on a mission of five basic tenets that have remained unchanged since the sorority’s inception: to cultivate and encourage high scholastic and ethical standards; to promote unity and friendship among college women; to study and help alleviate problems concerning girls and women to improve their social stature; to maintain a progressive interest in college life; and to be of “Service to all Mankind”.

The formation of For Members Only Federal Credit Union aligns closely with the sororities mission of empowering women. The Credit Union will offer digital financial services to drive financial inclusion for their 355,000+ members in the United States, the U.S. Virgin Islands, the Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, South Africa and South Korea.

“We congratulate AKA Sorority on the formation of the newest credit union in Illinois,” said ICUL President Tom Kane. “I’m thrilled we could assist the remarkable leaders of AKA launch a new financial institution focused on creating wealth for members often overlooked by traditional financial institutions.”

With this new credit union charter the credit union philosophy of “people helping people” just expanded its reach. “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,” stated AKA International President Danette Anthony Reed.

About Illinois Credit Union League (IUCL)

The Illinois Credit Union League is the primary trade association for more than 200 state and federal credit unions in Illinois. It focuses on providing legislative and regulatory advocacy, compliance assistance and information, and a wide range of educational and training services to those credit unions, who in turn serve approximately 3.4 million members. More information can be found at www.icul.com.