Following bank deal, CFE Federal Credit Union set to rebrand

Central Florida Educators Federal Credit Union, which last month announced plans to purchase Fidelity Bank of Florida, is set to rebrand and convert to a state charter.

Effective May 1, the Lake Mary, Fla.-based credit union will rebrand as Additional Financial, according to a notice on the $1.87 billion-asset institution’s website. The new name, it said, reflects its desire to “grow and expand beyond the counties where we have branches today… and become more accessible to a broader community within and beyond Central Florida.”

While Addition Financial will still be a member-owned credit union, the CU said it plans to remove the term “credit union” from its full name in order to “reduce confusion about membership eligibility and better communicate the full suite of services we provide.”

Addition Financial will be one of a growing list of institutions that have eschewed the term “credit union,” including Tampa’s GTE Financial, San Antonio-based Credit Human and others.

Also as part of the rebranding process, CFE also plans to update its branches and website, along with new technologies and services for members.

CFE FCU posted net income of about $16.9 million in 2018, a 58 percent surge from the prior year.