Addition Financial

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 26 branches in six counties, with its field of membership currently open to 26 counties in Florida.^[3]

Addition Financial Credit Union

Formerly	CFE Federal Credit Union
Company type	Credit union
Industry	Financial services
Founded	1937; 88 years ago (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
Key people	Kevin S. Miller President & CEO
Products	Personal Savings & Checking Credit Cards Auto Loans Home Loans Personal Loans Retirement Planning Investment Services Business Savings & Checking Business Services [1]
Total assets	$2.265 Billion USD[2] (2020)
Members	162,945 (2020)
Number of employees	548 (2020)
Website	www.additionfi.com

History

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.

Products and services

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.^[9]

Community outreach and education

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.^[10]

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.^[4] When the credit union changed its name in 2019, the arena was renamed the Addition Financial Arena.^[11] On August 18, 2022, UCF announced that Addition Financial had extended their naming rights for the facility through 2034.^[12]

In 2014, Addition Financial became the preferred credit union of Seminole State College of Florida,^[13] and was named the preferred credit union of Valencia College in 2018.^[14] 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.^[15] 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.^[16] 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.^[17] 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,^[18] financial education blogs and the Making It Count podcast.^[19] 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.^[20]

Awards and Honors

• 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