Addition Financial and Envision Credit Unions Set to Merge, Expanding Financial Services Across Two States

Major Merger in the Credit Union Sector

Addition Financial Credit Union and Envision Credit Union have announced an exciting development: their intent to merge. This strategic alliance aims to combine the strengths of two award-winning institutions and enhance service offerings to members across Central Florida, North Florida, and South Georgia.

Overview of the Merger

The proposed merger, which awaits approval from the National Credit Union Administration (NCUA) and a vote from the membership, will result in a unified credit union operating under the Addition Financial name. The leadership team, headed by current President and CEO Kevin Miller, will continue to guide the institution. Once the merger is completed, the combined entity will boast nearly $4 billion in assets and serve over 248,000 members from 38 branches spanning two states.

Both Addition Financial and Envision Credit Union have long histories rooted in community service, with foundations dating back to the mid-20th century. Addition Financial originated in 1937, while Envision Credit Union has its roots in 1954, both established by groups of educators seeking better financial options than traditional banks provided. This alignment of philosophies and values provides a solid foundation for the merger, which promises to bring even greater value to their members.

Enhanced Services

“This merger will significantly increase our capacity to serve more members and bolster community support,” remarked Kevin Miller. The consolidated credit union is expected to enhance service delivery and broaden its product offerings, maintaining the excellent member service both organizations are renowned for. The partnership seeks to cultivate a ‘people-first’ culture, which has been a hallmark of both entities for decades.

Darryl Worrell, President and CEO of Envision Credit Union, emphasized the benefits of uniting their teams. He stated, “By coming together, we will honor our legacies of service and fulfill our commitment to the communities we serve.” The merger aims to provide increased access to diverse services, innovative products, and personalized support for all current and future members.

Future Integration Plans

Both credit unions' boards have unanimously endorsed the merger, anticipating its formal conclusion by the end of 2025, with integrative systems expected to be fully operational by 2026. Until the membership vote occurs and the necessary system integrations are finalized, Addition Financial and Envision will operate as separate entities. This cautious approach ensures a smooth transition for current members of both organizations.

About Addition Financial Credit Union

Addition Financial Credit Union serves as a trusted financial partner for the Central Florida community, with its headquarters located in Lake Mary, Florida. Having achieved assets nearing $3 billion, the organization prides itself on a member-owned framework that prioritizes the financial well-being of over 185,000 members. With numerous full-service and student-run branches, Addition Financial’s diverse product lineup aims to provide better saving rates and reduced fees, catering to the growing needs of its members. Recognition as one of the “Best Credit Unions for 2024” underscores the institution's commitment to excellence.

About Envision Credit Union

Similarly, Envision Credit Union, founded by Leon County educators, exemplifies the ethos of a non-profit financial institution focused on providing exceptional value at minimal costs. With over 63,000 members across 19 counties, Envision is dedicated to supporting educational initiatives and has garnered accolades for its workplace culture and community contributions. With current assets surpassing $880 million, the credit union maintains a strong commitment to 'people helping people'.

As the merger process unfolds, both entities are committed to keeping their members informed and engaged, ensuring a seamless transition that not only strengthens their capabilities but also deepens their impact within the communities they serve.