CARROLLTON, Texas – A credit union to serve one of the nation’s oldest historically Black fraternities is poised to launch this fall. The credit union, scheduled to receive a charter from NCUA in October, will serve the 130,000 members and 22,000 dues-paying members that make up Kappa Alpha Psi, a national fraternity formed in 1911 at Indiana University at Bloomington, according to Victor Russell, a member of the fraternity and managing principal of MMR Realty Advisors. Fraternity alumni who own businesses could also allow their employees to join. The new credit union plans to initially offer savings accounts, small consumer loans and car loans. The credit union will operate virtually and plans to use the services of an existing credit union with back-office functions, Russell said. Some 600 Kappa Alpha Psi pledges have promised to commit more than $1.3 million to the new credit union. Russell said it will also help send youngsters to its Kappa Kamp, an annual, week-long summer camp in Pineywoods, Miss. If the charter is approved in October, Russell said the credit union is scheduled to open for business in two to four months from then. Members of the fraternity’s Plano-Richardson, Texas chapter will help run the credit union.

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