In its plans to expand, CFE FCU also plans a name change in late spring to Addition Financial. According to an article in Orlando Business Journal, the credit union will continue to service educators and their families while increasing its footprint in Florida and includes a new location in Kissimmee.
CFE is also planing to merge with Fidelity Bank of Florida and will change from a federal charter to a state charter.
The article also quotes LSCU President/CEO Patrick La Pine:
“Originally CFE started out serving educators in their region, and it is important as their field of membership changes that their name be more inclusive of who they are serving,” La Pine said. “As they grow geographically, their new name Addition Financial is proactive in reducing any confusion about membership eligibility.
“The state charter allows for more flexible geographic expansion,” La Pine said. “Currently, there are half as many community banks in Florida as there were before the recession, and credit unions have a great deal of opportunity to meet the financial needs in these regions.”
Read the full article here.