Addition Financial

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|date=May 2024}}

In 2011, the credit union (then CFE Federal Credit Union) acquired UCF Federal Credit Union,{{Cite web|date=2013-05-23|title=CFE Federal Credit Union Acquires Naming Rights for UCF Arena {{!}} University of Central Florida News|url=https://www.ucf.edu/news/cfe-federal-credit-union-acquires-naming-rights-for-ucf-arena/|access-date=2020-10-26|website=University of Central Florida News {{!}} UCF Today|language=en-us}} 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.{{Cite web|title=CFE and Seminole Schools Federal Credit Union announce merger|url=https://www.cuinsight.com/press-release/cfe-and-seminole-schools-federal-credit-union-announce-merger|access-date=2020-10-26|website=CUInsight|language=en-US}}

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.{{Cite web|last1=March 18|first1=Peter Strozniak {{!}}|last2=AM|first2=2019 at 08:00|title=CFE Federal Credit Union Plans to Change Name to Addition Financial|url=https://www.cutimes.com/2019/03/18/cfe-federal-credit-union-plans-to-change-name-to-addition-financial/|access-date=2020-10-26|website=Credit Union Times|language=en}}

Also in 2019, Addition Financial was one of the first credit unions in the state of Florida to purchase a bank.{{Cite web|last1=June 07|first1=Peter Strozniak {{!}}|last2=AM|first2=2019 at 09:00|title=Why Bank Deals Are on the Rise|url=https://www.cutimes.com/2019/06/07/why-bank-deals-are-on-the-rise/|access-date=2020-10-26|website=Credit Union Times|language=en}} 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.{{Cite web|last=Lynch|first=Ryan|date=August 28, 2019|title=Addition Financial plans to expand in Orlando area|url=https://www.bizjournals.com/orlando/news/2019/08/28/addition-financial-plans-to-expand-in-orlando-area.html|archive-url=|archive-date=|access-date=2020-10-26|website=bizjournals.com}}

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.

The credit union offers a range of consumer and business banking services, including checking and savings accounts, loans, mortgages and investment services. In addition, the company provides specific products designed for educators. Addition Financial offers co-branded affinity debit cards.{{Cite web|title=Debit Cards {{!}} Savings & Checking {{!}} Addition Financial|url=https://www.additionfi.com/personal-debit-cards|access-date=2020-10-26|website=Default|language=en}}

Addition Financial participates in several community outreach activities and initiatives that relate to their background in education. In 2008, Addition Financial opened its first student-run high school branch at Timber Creek High School. This program has expanded to serve nine high schools across Orange, Seminole and Osceola counties.{{Cite web|title=Ocoee HS opens CFE bank|url=https://www.ocps.net/departments/media_relations/newsroom/ocoee_hs_opens_cfe_bank|access-date=2020-10-26|website=ocps.net|language=en-US}}

In 2013, Addition Financial (then CFE Federal Credit Union) acquired the naming rights for the UCF Arena, a sports and entertainment venue in Orlando, and was named the official financial institution of the UCF Knights. When the credit union changed its name in 2019, the arena was renamed the Addition Financial Arena.{{Cite web|last=Martin|first=Annie|title=New name coming for CFE Arena at UCF — it'll be Addition Financial Arena on May 1|url=https://www.orlandosentinel.com/news/education/os-ne-cfe-arena-name-20190318-story.html|access-date=2020-10-26|website=orlandosentinel.com}} On August 18, 2022, UCF announced that Addition Financial had extended their naming rights for the facility through 2034.{{Cite web |title=Addition Financial, UCF Extend Naming Rights Agreement for Arena |url=https://ucfknights.com/news/2022/8/18/corporate-partnerships-addition-financial-ucf-extend-naming-rights-agreement-for-arena.aspx |access-date=2022-08-25 |website=UCF Athletics |language=en}}

In 2014, Addition Financial became the preferred credit union of Seminole State College of Florida,{{Cite web|title=CFE Federal Credit Union named preferred credit union of Seminole State College|url=https://www.cuinsight.com/press-release/cfe-federal-credit-union-named-preferred-credit-union-of-seminole-state-college|access-date=2020-10-26|website=CUInsight|language=en-US}} and was named the preferred credit union of Valencia College in 2018.{{Cite web|last=Lynch|first=Ryan|date=November 8, 2018|title=CFE Federal Credit Union partners with Valencia College for student banking|url=https://www.bizjournals.com/orlando/news/2018/11/08/cfe-federalcredit-union-partners-with-valencia.html|archive-url=|archive-date=|access-date=2020-10-26|website=bizjournals.com}} Through its college and university partnerships, Addition Financial offers on-campus ATMs, financial education workshops, scholarships, event sponsorships and other support for students, faculty and staff. In 2016, Addition Financial was the second company to pledge its support to the new UCF Downtown Campus, pledging $1.5 million.{{Cite web|date=2016-01-05|title=CFE Federal Credit Union Pledge $1.5M to UCF Downtown|url=https://www.ucf.edu/downtown/cfe-pledges-1-5m-to-ucf-downtown/|access-date=2020-10-26|website=UCF Downtown|language=en-us}} In 2024, the University of Central Florida named Addition Financial as a Pegasus Partner, and the first financial institution to earn that distinction of community support and philanthropy.

The credit union partners regularly with education-focused non-profit organizations, such as A Gift For Teaching, and maintains close ties with Orange County Public Schools, Seminole County Public Schools, Lake County Public Schools and Osceola School District. In 2018, Addition Financial launched its Renovate to Educate Contest, selecting public school teachers from its partner school districts to receive a classroom makeover, designed by Interior Design interns from Seminole State College.{{Cite web|last=Broughton|first=Julie|date=2019-08-06|title=Seminole County teachers gets newly designed classroom for hard of hearing students|url=https://www.clickorlando.com/news/2019/08/06/seminole-county-teachers-gets-newly-designed-classroom-for-hard-of-hearing-students/|access-date=2020-10-26|website=WKMG|language=en}} In 2025, Addition Financial announced they are updating the Renovate to Educate Program to shift its focus on providing renovations and support to needs spaces at local public schools.

Addition Financial also provides scholarships through its annual Joseph A. Melbourne Jr. Scholarship Program.{{Cite web|title=Scholarships|url=https://www.additionfi.com/community-giving-back/scholarships|access-date=2020-10-26|website=Default|language=en}} Each year, the credit union offers scholarships for six high school seniors in Florida and two UCF graduate students.

Addition Financial offers free financial education workshops both in person and virtually for its community partners. The credit union also provides free webinars and seminars,{{Cite web|title=Events {{!}} Community {{!}} Addition Financial|url=https://www.additionfi.com/community-events|access-date=2020-10-26|website=Default|language=en}} financial education blogs and the Making It Count podcast.{{Cite web|title=Making It Count on Apple Podcasts|url=https://podcasts.apple.com/us/podcast/making-it-count/id1497783592|access-date=2020-10-26|website=Apple Podcasts|language=en-us}} In 2023, Addition Financial, along with a group of community education partners, launched Adding FUNdamentals, the area’s first financial literacy program targeted specifically for pre-kindergarten students.

In March 2020, Addition Financial also launched the On The + Side blog series to help community members cope with the challenges of the COVID-19 pandemic.{{Cite web|last1=March 31|first1=Tina Orem {{!}}|last2=AM|first2=2020 at 09:42|title=Addition Financial Focuses on Optimism in New Campaign|url=https://www.cutimes.com/2020/03/31/addition-financial-focuses-on-optimism-in-new-campaign/|access-date=2020-10-26|website=Credit Union Times|language=en}}

• Orlando Sentinel Top Workplaces (2019-2025)

• Orlando Sentinel Top 100 Workplaces for Families (2019 – 2018)
• Newsweek “America’s Best Regional Banks and Credit Unions”
  • 2024

  • 2025

• Forbes “Best In-State Credit Unions”

  2024

{{Reflist}}

Category:Credit unions based in Florida

Category:1937 establishments in Florida

Category:Financial services companies of the United States

Category:Banks established in 1937