Central Florida Educators Federal Credit Union and Fidelity Bank of Florida to merge
LAKE MARY, FL (January 25, 2019) — Fidelity Bank of Florida (“Fidelity” or “Fidelity Bank”) is proud to announce its intent to merge with Central Florida Educators Federal Credit Union (“CFE Federal Credit Union” or “CFE”). CFE is a full-service financial institution that was founded in 1937 and has grown to serve more than 155,000 members who live and/or work throughout Central Florida. Fidelity is headquartered in Merritt Island (Brevard County), Florida, and has a second branch in Longwood (Seminole County), Florida. The intended acquisition of Fidelity by CFE will bring new financial opportunities to businesses and individuals throughout Central Florida.
“Fidelity has a history of providing great service to the businesses and residents of Brevard and Seminole Counties. 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,” said Kevin Miller, CFE’s President and CEO. “CFE has always focused on financial education and community involvement, and we look forward to positively impacting Brevard County through this opportunity.”
“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. 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” said Lamar Roberts, President and CEO of Fidelity Bank.
Upon completion of the merger, Fidelity’s customers will have access to a full range of personal and business financial services, including auto loans, residential and commercial mortgages, personal and business loans, checking accounts, mobile services, investment services, and many other financial products. In addition to twenty-two (22) branch locations in five counties, CFE offers a large ATM network throughout Central Florida and participates in a shared branch program whereby members may conduct business at more than 5,000 credit union branches nationwide.
“Fidelity has a track record of successful business lending in Central Florida. The merger with Fidelity will further strengthen CFE’s own business lending and deposit activities, which have grown rapidly in recent years,” said Kevin Miller, CFE’s President and CEO. “At CFE, our mission is to help our members achieve their financial goals. If there is an opportunity for us to strengthen the financial services available to these new members, you can count us in.”
The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the third quarter of 2019 and will grow CFE’s assets to more than $2 billion. The merger will further CFE’s plan to expand throughout Central Florida. Currently ranked in the top 3 percent of credit unions in the nation according to asset size, CFE has more than 500 employees. CFE Federal Credit Union has been recognized as a Top 25 Company for Working Families and was named the 2014 Community Service Champion by the Orlando Sentinel.
Advisors – 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 CFE Federal Credit Union
Founded in 1937 by 23 educators, CFE Federal Credit Union serves more than 155,000 members. With more than $1.86 billion in total assets, CFE offers its members an array of financial products and services at 22 full-service branches, nine high school branches, and more than 40 ATMs. Anyone who lives, works, worships, volunteers, or attends school in Orange, Seminole, Osceola, and Lake Counties may become a member. Qualified businesses and other entities may join as well. CFE is the Official Financial Institution of the UCF Knights and owns the naming rights to the CFE Arena on the University of Central Florida campus. CFE is also the Preferred Credit Union for Seminole State College and the Preferred Credit Union for Valencia College. For more information, visit mycfe.com.
About Fidelity Bank
Fidelity Bank originated in 1990 and has approximately $174 million in assets, 34 employees and 2 locations in Central Florida. For more information, visit www.fidelitybankofflorida.com.
