LAKE MARY, Fla.—The $2.7-billion Addition Financial here intends to merge in the $871-million Envision CU, based in Tallahassee, Envision CU reported on its website.
Board members at both Addition Financial and Envision have unanimously approved the merger. An application for the combination will be sent to NCUA 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, 2025, the Tallahassee Democrat said, adding no changes to Envision's name or brand will take place until that time.
All Envision locations will display the Addition Financial name and brand in time. Leaders of both credit unions said no Envision employees will be terminated as part of the agreement, the Democrat said.
"The Envision leadership is still going to be very active, and they're still going to be there," Addition CEO Kevin Miller told the Democrat. "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.”
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, the Democrat said.
"We literally looked at all 120 credit unions in the state of Florida ... and went through those categories," said Envision CEO Darryl Worrell. "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."
Envision made $2.96 million this year in net income and $5.1-million in 2023, according to Call Report data. Its net worth is 10.91%. Addition Financial made $22 million in net income this year and $6.2 million in 2023. Net worth stands at 10.90%.