Addition Financial
| Company type | Nonprofit financial cooperative |
|---|---|
| Industry | Financial services |
| Founded | 1937 |
| Headquarters | Lake Mary , United States |
Area served | 26 counties in Florida |
| Products | Consumer and business banking services, checking and savings accounts, loans, mortgage products, investment solutions, affinity debit cards |
Addition Financial (Addition Financial Credit Union) is a state-chartered credit union based in Lake Mary, Florida. Functioning as a member-owned, nonprofit financial cooperative, it operates 26 branches throughout six counties and provides services to members across 26 counties in Florida.
History
Established in 1937 by a group of 23 educators under the name Orange County Teachers Federal Credit Union, the organization initially catered exclusively to Orange County Public Schools. Over time, it expanded its membership base and underwent rebranding to Central Florida Educators Federal Credit Union, later shortened to CFE Federal Credit Union, extending its service area to include Seminole, Lake, and Osceola counties.
In 2011, CFE strengthened its connection with the University of Central Florida by acquiring UCF Federal Credit Union. The acquisition of Seminole Schools Federal Credit Union in 2015 further broadened its reach within the educational sector.
To diversify beyond the education market and simplify membership qualifications, CFE transitioned from a federal charter to a state charter in 2019 and adopted the name Addition Financial Credit Union.
That same year marked a significant milestone when Addition Financial became one of the pioneering credit unions in Florida to acquire a bank by purchasing Fidelity Bank of Florida, a commercial bank headquartered in Merritt Island, thus expanding its footprint into Brevard County.
In 2024, Addition Financial revealed plans to merge with Envision Credit Union, based in Tallahassee, aiming to extend its services into North Florida’s Big Bend area as well as South Georgia. The legal completion of this merger is anticipated by October 2025, with full operational integration expected by mid-2026.
Products and services
The credit union provides a comprehensive suite of consumer and business banking services, including checking and savings accounts, various loan options, mortgage products, and investment solutions. Additionally, it offers tailored products for educators along with co-branded affinity debit cards.
Community outreach and education
Rooted in its educational heritage, Addition Financial actively participates in community programs. In 2008, it launched its inaugural student-operated branch at Timber Creek High School, which has since grown to encompass nine high school branches across Orange, Seminole, and Osceola counties.
In 2013, while still known as CFE Federal Credit Union, it secured the naming rights for the UCF Arena in Orlando and was designated the official financial institution for the UCF Knights. The arena was renamed Addition Financial Arena in 2019, with naming rights extended through 2034 as confirmed in 2022.
The credit union became the preferred financial institution for Seminole State College of Florida in 2014 and later for Valencia College in 2018. These partnerships facilitate on-campus ATM access, financial literacy workshops, scholarship opportunities, event sponsorships, and comprehensive support for students, faculty, and staff. In 2016, Addition Financial committed $1.5 million toward the UCF Downtown Campus. By 2024, UCF honored Addition Financial as a Pegasus Partner—the first financial institution recognized for outstanding community engagement and philanthropic efforts.
Collaboration with education-centered nonprofits such as A Gift For Teaching remains a priority for Addition Financial. It maintains strong relationships with school districts in Orange County, Seminole County, Lake County, and Osceola. In 2018, it initiated the Renovate to Educate Contest to provide classroom renovations designed by interior design interns from Seminole State College; this program will pivot in 2025 toward refurbishing essential spaces within local public schools.
Each year, scholarships are awarded through the Joseph A. Melbourne Jr. Scholarship Program supporting six high school seniors from Florida along with two graduate students at UCF.
Addition Financial delivers complimentary financial education sessions both onsite and online for community partners. It also offers webinars, seminars, educational blogs, and produces the Making It Count podcast. In 2023, it introduced Adding FUNdamentals—the region’s first financial literacy initiative aimed at pre-kindergarten children—in partnership with local educational organizations.
In response to the COVID-19 pandemic, Addition Financial launched the On The + Side blog series in March 2020 to provide support and resources for community members during challenging times.