Kevin Miller, Pres./CEO of Addition Financial Credit Union and Darryl Worrell, Pres./CEO of Envision Credit Union. Credit/Addition Financial Credit Union
The $2.6 billion Addition Financial Credit Union in Lake Mary, Fla., and the $871 million Envision Credit Union in Tallahassee, Fla., said Tuesday they are planning to merge by the end of next year, if approved by regulators and members.
Based on third quarter NCUA financial results for both credit unions, the combined organization would manage more than $3.5 billion in assets and $2.4 billion in loans, with 801 employees who would run 38 branches and serve nearly 250,000 members across Central and North Florida and South Georgia.
Addition Financial, founded in 1937, and Envision, established in 1954, share similar histories, philosophies and values. Both credit unions were created by small groups of educators who wanted to provide their members with better financial options than banks.
"This merger will significantly increase the ability of Addition Financial to serve more members, and support both communities," Addition Financial President/CEO Kevin Miller said in a prepared statement. "By joining forces with Envision Credit Union and the people-first culture they have cultivated for 70 years, we can provide even greater value to our collective members and team members and continue our shared mission of supporting our communities."
Miller would continue to serve as CEO and the combined entities would continue to operate under the Addition Financial brand name, according to the credit unions’ prepared statement.
“In bringing our teams together, we will draw the best from both credit unions to build on our legacies of service and honor the strong commitments to our communities,” Envision President/CEO Darryl Worrell said in the prepared statement. “This merger enables us to provide more access to services, broaden offerings of innovative products, and deliver personalized support to every member and future member.”
If the consolidation is approved by regulators and Envision members, Worrell is expected to continue on in a strategic role with Addition Financial through his planned retirement in 2027, according to an Envision spokesperson.
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