Addition Financial Credit Union: Services and Impact in Downtown Orlando and UCF
Addition Financial Credit Union is a prominent financial institution with a significant presence in the Orlando region, particularly in downtown Orlando and on the University of Central Florida (UCF) campus. Founded with the mission of providing accessible financial services and education, Addition Financial has grown to become a trusted partner for individuals, families, and businesses in Central Florida.
History and Evolution of Addition Financial
Originally established in 1937 as the Orange County Teachers Credit Union by 23 educators, the institution aimed to offer a superior financial alternative to traditional banks in Orange, Osceola, Lake, and Seminole Counties. Over time, it evolved into CFE (Central Florida Educators) Federal Credit Union. In the spring of 2019, the organization transitioned to a state charter and rebranded itself as Addition Financial to reflect its expanding services and broader reach across Florida. Today, Addition Financial stands as one of the largest credit unions in the Orlando area, boasting over $2.9 billion in assets and serving more than 179,000 members.
Richard J. Barbari, Relationship Manager of Community Engagement & Partnerships at Addition Financial, explained that the name change was motivated by a desire for greater inclusivity. "We no longer felt Central Florida or the CF in our name was as inclusive as it could be when we were planning to open branches throughout the state of Florida," Barbari stated. This reflects the credit union's commitment to being an open organization, accessible to anyone who wishes to join.
Comprehensive Financial Services in Downtown Orlando
Located at 617 W Livingston St, Addition Financial Credit Union in Downtown Orlando offers a comprehensive suite of financial services tailored to meet the diverse needs of its members. These services include:
- Checking and Savings Accounts: A variety of options are available to help members manage their day-to-day finances and save for the future.
- Loans: Addition Financial provides various loan products, including personal loans, auto loans, and business loans, designed to help members achieve their goals.
- Mortgages: Offering competitive rates and flexible terms, Addition Financial assists members in purchasing, refinancing, or building their dream homes.
- Investment Services: For those looking to grow their wealth, Addition Financial offers investment services and guidance to help members make informed decisions.
In addition to these core services, Addition Financial is committed to providing exceptional member service and fostering financial literacy through various educational resources and money management tools.
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Strong Ties with UCF and the Addition Financial Arena
Addition Financial has a long-standing and impactful relationship with the University of Central Florida. This partnership is highlighted by the naming rights to the Addition Financial Arena on the UCF campus. The arena serves as the home for UCF's men’s and women’s basketball programs and hosts a wide array of events, including concerts, family shows, and commencement ceremonies, attracting approximately 1.4 million visitors over the past five years.
The credit union has operated a branch on UCF’s main campus since 1971, solidifying its commitment to serving the university community.
Pegasus Partner: A Testament to Philanthropic Support
In June 2024, UCF recognized Addition Financial as its first financial institution to be designated as a Pegasus Partner. This prestigious recognition places Addition Financial alongside other key organizations such as AdventHealth, Orlando Health, and Nemours Children’s Health, all of which share UCF's vision and commitment to leading the region in vital industries like aerospace, engineering, defense, optics, digital media, finance, and healthcare.
Pegasus Partners actively engage with UCF through various initiatives, including talent development and recruitment, shared research projects, joint ventures, and strategic philanthropy. Kevin Miller, president and CEO of Addition Financial Credit Union, emphasized the shared commitment to improving the Central Florida community, stating, "Addition Financial’s longstanding and successful partnership with UCF speaks volumes to the deep commitment we share in improving the Central Florida community."
As a Pegasus Partner, Addition Financial supports significant UCF projects, including the Dr. Phillips Nursing Pavilion, the new and expanded home for UCF’s College of Nursing, which is expected to open in Fall 2025. This support will help the university graduate an additional 150 nurses each year, addressing a critical need in the healthcare industry.
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Investment in UCF Downtown
Addition Financial has also made a significant investment in UCF Downtown, contributing to the establishment of a campus in partnership with Valencia College. This campus is home to nationally ranked graduate programs in video game design and emergency management. By investing in UCF Downtown, Addition Financial helps provide students with invaluable real-world experiences through internships and job opportunities in various industries, government offices, and nonprofit organizations located in or near downtown Orlando.
Financial Education and Community Engagement
Addition Financial is deeply committed to financial education and community engagement. The credit union offers free financial education to anyone, covering topics such as credit score repair, first-time home buying, and car buying. According to Richard J. Barbari, "We are the credit union that educates. We offer financial education to anyone including how to repair credit score and first-time home and car buying. It’s all completely free. We’re here to help the community become more financially focused and smarter with their money management.”
This commitment extends to local schools, such as the Joseph A. Melbourne, Jr. Seminole and Lake County Schools, where Addition Financial provides resources and support to promote financial literacy among students.
Leadership and Vision
Kevin Miller, president and CEO of Addition Financial, plays a crucial role in guiding the credit union's strategic direction and community involvement. Miller also serves on the UCF Downtown Executive Advisory Council and is a past chairman of the Foundation for Seminole County Schools and a board member for A Gift for Teaching and the Galileo School for Gifted Learning.
Miller's leadership and vision are instrumental in fostering the mutually beneficial relationship between Addition Financial and UCF. To further strengthen this partnership, UCF has created the President’s Industry Advisory Council, where representatives from the Pegasus Partners program, including Miller, provide input to President Cartwright and exchange ideas on topics of current interest to the university and its partners.
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