After 70 years, Envision Credit Union merging with Addition Financial Credit Union

After serving capital city customers for seven decades, a Tallahassee credit union is merging with a Central Florida-based financial institution that’s at least three times larger than the local independent company.

The merger of Envision Credit Union with Addition Financial Credit Union allows the Lake Mary-based institution to expand its footprint into the North Florida and South Georgia markets while also enabling Envision, one of the largest credit unions in the region, to tap into more resources to better serve its customers.

They have similar origin stories, having both been launched by teachers. They each have grown to serve more than just educators while still maintaining a strong focus on education and financial literacy efforts.

Addition Financial has taken it a step further with its high school branches operated by the students in Central Florida high schools.

“They’re who we want to be when we grow up,” said Envision President and CEO Darryl Worrell in an interview with the Tallahassee Democrat. “They’ve already accomplished today what we’re shooting to accomplish more over the next 10 to 20 years.”

Addition Financial President and CEO Kevin Miller said that once both institutions began comparing their beginnings, approach to customer service and culture toward team members and “we saw everything in alignment.”

What is Addition Financial Credit Union?

The credit union launched in 1937. It has more than 185,000 members and 26 full-service branches and 11 student-run high school branches compared to Envision’s 63,000 members and 12 locations.

It has nearly $3 billion in total assets compared to Envision’s $880 million in total assets. Addition Financial is the official financial institution of the University of Central Florida and owns the naming rights of the Addition Financial Arena on the UCF campus, according to its website.

It was also named one of the “Best Credit Unions for 2024” by Newsweek and one of the “Best-In-State Credit Unions for 2024” by Forbes.

How did the merger come about between Envision and Addition credit unions?

Worrell explained how Envision has a five-year strategic planning process that’s evaluated every few years. In 2021, a year into the COVID-19 pandemic, Envision’s leadership and board of directors began to evaluate the best course forward for the short- and long-term future.

Worrell said economic changes, along with more competition and an increase in online lending and banking fueled a need to chart “the right direction.”

A year ago, Envision’s board of directors laid out potential options: stay independent, identify credit unions to merge into Envision or merge into a larger credit union.

“We literally looked at all 120 credit unions in the state of Florida … and went through those categories,” Worrell said. “We found three to four that we thought would be a really good fit. Addition Financial came out on the top for us.

“We started working with them over six months ago and building the due diligence for each other,” he continued.

Worrell also referenced the growing number of checking accounts opening online through non-traditional financial institutions, such as Chime, SoFi, Robinhood — all of which create more competition in the online banking space.

How did Envision Credit union begin?

The credit union and its previous iterations have been serving customers in the capital for seven decades.

It began in January 1954 as the Leon County Teachers Credit Union after 10 local teachers applied to the Comptroller of the State of Florida for a Certificate of Organization with an initial investment of $5 each.

“For many years, Ms. Lora Lewis served as Treasurer and ran the Credit Union out of her desk in her classroom at Leon High,” according to the company’s website. “Many of her records and change fund were kept in an old cigar box. She even opened for business on Saturdays from her kitchen.”

Since the credit union’s launch, the credit union has completed five mergers where it acquired smaller institutions. Examples include Focus Credit Union in Chattahoochee in 2016, Rose City Credit Union in Thomasville, Ga. the following year, and Flowers Employees Financial Services (Formerly Flowers Employee Credit Union), based in Thomasville, in 2021.

When will the merger go into effect?

Board members at both Addition Financial and Envision have unanimously approved the merger.

An application for the merger will be sent to the National Credit Union Association, a federal regulator and also the state of Florida’s Office of Financial Regulation. A membership vote will also occur later in 2025.

Pending approval, the merger is expected to take place Oct. 1.

No changes to Envision’s name or brand will take place until that time.

Will Envision retain its name and brand at the current locations?

No, all locations will display the Addition Financial name and brand in time. Also, both Worrell and Miller said no Envision employees will be terminated as part of the merger.

“The Envision leadership is still going to be very active, and they’re still going to be there,” said Miller, when asked about what changes customers can expect. “Their teller that serves them today is still going to be the teller that serves them tomorrow. We need every one of those Envision employees, and we’re excited that.”

“The difference that you’ll see is being able to add some additional services,” Miller said.

Will Envision continue its community support and sponsorships?

Over the years, Envision has developed a reputation as an invaluable community partner that, according to its website, “supports hundreds of initiatives and events that benefit students, educators and the community at large.”

The company is the premier sponsor of the annual Best & Brightest event that has provided almost $1 million in cash scholarships since its inception 20 years ago. In October, Envision announced it would donate $70,000 for the program.

Worrell told the Democrat that the credit union will establish the Envision Foundation to “continue and increase the amount of funding and community donations.”

“This will create a lasting legacy for our Envision members,” Worrell said.

Addition Financial Credit Union CEO talks about why the merger works for the company’s mission, goals

Miller said he was excited about the idea of serving another 60,000 to 65,000 new customers with its new technology, along with bringing more resources to Envision’s mission.

“We saw the North Florida and South Georgia market as a tremendous opportunity for us to make a difference in that community,” Miller said. “I think it’s really going to be a good merge.”

In addition to Envision sites, Miller said plans are underway to open more sites. Addition’s Business Intelligence Department will analyze data regarding potential members, current members and projections for future service needs.

Three options will be considered: more brick-and-mortar locations, ATM and Interactive Teller Machines (ITM) and digital services.

“We very much expect to grow all three channels post merger,” Miller said.

Contact Economic Development Reporter TaMaryn Waters at tlwaters@tallahassee.com and follow @TaMarynWaters on X.