Addition Financial CU / Fidelity Bank of Florida, NA
Subject to Regulatory Approval
LAKE MARY, Fla.—The $1.8-billion Central Florida Educators FCU (now named Addition Financial Credit Union) here announced it intends to merge in $174-million Fidelity Bank of Florida, based in Merritt Island, Fla.
Fidelity Bank of Florida will bring two additional locations to CFE, which currently has 22 branches. The bank made $1.4 million in net income through September of last year and $1.3 million in 2017.
Statement from CFE CU's President & CEO:
“Fidelity has a history of providing great service to the businesses and residents of Brevard and Seminole counties,” said CFE President/CEO Kevin Miller, whose CU struck its first bank deal. “We are pleased to welcome Fidelity’s customers and employees to the CFE family. Together we will continue to provide the very best service experience to these new members of the credit union. CFE has always focused on financial education and community involvement, and we look forward to positively impacting Brevard County through this opportunity.”
Statement from Fidelity Bank of Florida President & CEO:
“We are very proud of the dedicated team of bankers and valued clients we have built at Fidelity Bank, and we are looking forward to our partnership with CFE,” said Lamar Roberts, president/CEO of Fidelity Bank. “By combining the strengths of the two financial institutions, the market area of each will be enlarged and the customers of each will be better served.”
Smith Mackinnon serves as Fidelity’s legal advisor. Hovde Group LLC serves as Fidelity’s financial advisor. Michael Bell of Howard & Howard serves as CFE’s legal advisor. McQueen Financial Advisors serve as CFE’s financial advisor.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation