Monday, September 9, 2019

Addition Financial CU Completes Acquisition of Fidelity Bank of Florida

On September 1, Addition Financial Credit union, the former CFE Federal Credit Union, (Lake Mary, FL) completed its acquisition of Fidelity Bank of Florida, N.A. (Merritt Island, FL).

Fidelity Bank of Florida had almost $169 million in assets and $137 million in deposits. The bank had two offices.

Addition Financial CU had $1.9 billion in assets.

Under the agreement, Addition Financial stated "it does not intend to acquire, own, or retain Fidelity's stock or the power to conduct commercial banking business granted under its charter."

The state credit union regulator approved the transaction in May.

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