LAKE MARY, Fla./TALLAHASSEE, Fla.–Two Florida credit unions are reporting members have given the OK to a combination that would create a nearly $4-billion CU.
Lake Mary-based Addition Financial CU, in Central Florida, and Tallahassee-based Envision Credit Union in the state’s panhandle said the positive membership vote by members of the latter has cleared the way for an Oct. 1 merger.
The two CUs said they share similar histories and philosophies, and were both founded by educators and have since “grown into leading institutions known for their community impact and member-first approach.”
Addition Financial Surviving Brand
Once finalized, the combined organization will operate as Addition Financial Credit Union under the AFCU’s current president and CEO, Kevin Miller. The combined CU will have $3.8 billion in assets and more than 250,000 members across 37 branches in Florida and Georgia.
The $2.9-billion Addition Financial reported $13.5 million in net income at midyear, with net worth of 10.22%. The $846-million Envision CU had $1.1 million in net income and net worth of 11.4% as of the same date.
‘Historic Moment’
“On behalf of Addition Financial, I want to thank the Envision members for their support of this merger,” Miller said in a statement. “This is a historic moment for both credit unions and, most importantly, for our members. As we move forward in this new chapter, we are expanding our reach and creating new opportunities to improve members’ financial lives. Together, we will provide even greater value and continue our shared legacy of service.”
Added Envision CU President and CEO Darryl Worrell, “For more than 70 years, Envision has been committed to providing trusted financial services and giving back to the communities we serve. By joining with Addition Financial, our members will benefit from a broader range of services, enhanced technology, and continued focus on the credit union philosophy of people helping people. We are proud of our journey together and excited for what lies ahead.”
The Benefits
According to the two credit unions, the “enhanced value” the merger will bring includes:
• Expanded Access: “Members will enjoy convenient access across a larger network of branches spanning Central Florida, the Big Bend, and South Georgia.”
• More Products & Services: “Addition Financial will bring a wider range of loan, deposit, and digital banking solutions, designed to support members through every stage of life.”
• Stronger Technology: “With increased scale, the merged credit union will continue to invest in its best-in-class digital platforms to provide fast, convenient and secure banking.”
• Community Commitment: “The merger will enable expansion of popular community partnerships and programs from both regions, such as Addition Financial’s High School Branch Program,” the credit unions said.
Online banking and system conversions are expected to be completed by March 2026, the two CUs added.
