Addition Financial
From Wikipedia, the free encyclopedia
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| Formerly | CFE Federal Credit Union |
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| Company type | Credit union |
| Industry | Financial services |
| Founded | 1937 |
| Headquarters | Lake Mary, Florida, United States |
Number of locations | 26 branches (2021) |
Area served | Orange, Osceola, Seminole, Lake, Alachua, Brevard, Clay, Duval, Flagler, Hernando, Highlands, Hillsborough, Indian River, Manatee, Marion, Martin, Okeechobee, Pasco, Pinellas, Polk, Putnam, Sarasota, St. Johns, St. Lucie, Sumter, Volusia Counties in Florida |
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| Total assets | $2.265 Billion USD[2] (2020) |
| Members | 162,945 (2020) |
Number of employees | 548 (2020) |
| Website | www |
Addition Financial (or Addition Financial Credit Union) is an American state-chartered credit union headquartered in Lake Mary, Florida. The credit union is a member-owned, not-for-profit financial cooperative with 27 branches in six counties, with its field of membership currently open to 26 counties in Florida.[3]
A group of 23 educators founded the credit union that became Addition Financial in 1937 with the aim to create a better financial alternative to what the banks were offering. Whenfirst established, the credit union then named Orange County Teachers Federal Credit Union, served educators in Orange County Public Schools. Over the years, the credit union changed its name to Central Florida Educators Federal Credit Union, then shortened its name to CFE Federal Credit Union, as it broadened its field of membership to a community charter and began to serve consumers in Seminole, Lake and Osceola counties.[citation needed]
In 2011, the credit union (then CFE Federal Credit Union) acquired UCF Federal Credit Union,[4] which bolstered its presence in the higher education community and at the University of Central Florida. In 2015, CFE acquired Seminole Schools Federal Credit Union.[5]
In 2019, in order to expand outside of the realm of education and eliminate confusion surrounding who was eligible to join, CFE changed from a federal to a state charter, and changed its name to Addition Financial Credit Union.[6]
Also in 2019, Addition Financial was one of the first credit unions in the state of Florida to purchase a bank.[7] In August of that year, the credit union acquired Fidelity Bank of Florida, a commercial bank based in Merritt Island, thus expanding its footprint to Brevard County.[8]
In 2024, Addition Financial announced plans to merge in Envision Credit Union, based in Tallahassee, FL, to expand services into the Big Bend region of North Florida as well as South Georgia. Following a member vote by Envision CU members, the legal merger is expected to be complete in October 2025, while full system integration will likely be completed in the first half of 2026.