LAKE MARY and TALLAHASSEE, Fla .–Two large Florida credit unions have announced plans to combine.
The $2.73-billion Addition Financial Credit Union in Lake Mary, in the central part of the state, and the $842.7-million Envision Credit Union in Tallahassee, in the state’s panhandle region, have applied to NCUA and Florida’s Office of Financial Regulation (OFR) to merge. Envision CU’s FOM reaches into South Georgia.
The credit unions said in a statement that under the terms of the agreement they will operate as Addition Financial Credit Union under the leadership of current president and CEO, Kevin Miller. If regulators approve and Envision Credit Union members vote in favor, the merger is expected to be finalized by the end of 2025.
Addition Financial has 188,000 members and had $17.2-million in net income and net worth of 10.47$ as of year-end. Envision Credit Union, which has 63,716 members, reported $3.73 million in net income and net worth of 11.32% as of the same date.
Founded in 1937 and 1954 respectively, Addition Financial and Envision both noted they were formed by small groups of educators.
‘Building Legacies’
“Submitting our merger application to the NCUA brings us one step closer to uniting our teams and building on our legacies of service,” Darryl Worrell, president and CEO of Envision Credit Union, said in a statement. “Bringing Envision Credit Union into another people-first organization like Addition Financial will enable us to provide more access to services, broaden offerings of innovative products, and deliver personalized support to every member and future member.”
Added Addition Financial’s Miller in a statement, “This merger application submission is a crucial milestone in our journey to better serve our members and communities. By joining forces with Envision Credit Union, we are poised to make an even greater impact to the areas our credit unions have served for the greater part of the last century.”
Kevin Miller, President and CEO of Addition Financial; Darryl Worrell, President and CEO of Envision Credit Union)