May 24, 2019 TORONTO
Estonian (Toronto) Credit Union (ECU) and Latvian Credit Union (LCU) today announced they have officially entered into formal discussions to pursue a merger of the two financial institutions.
ECU is located in Toronto and currently serves the Estonian community with over 4,700 members. ECU is deeply involved in the community and will, within the next couple of years, be locating its new head office in the newly built International Estonian Centre near Bloor Street & Spadina Avenue.
LCU is located in Toronto, with a branch in Hamilton, and currently serves the Latvian community with over 1,500 members. LCU is also deeply rooted in the community and with the additional resources from the merger will be expanding products and services as well as focusing on greater involvement within the Latvian community.
“We are very excited by the opportunities for growth, collaboration and a larger branch network presented by merging with our neighbours, the Latvians. Our history with the Latvian community in Toronto goes back to the credit union’s very first days of operation in the shared Estonian – Latvian church building,” noted Anita Saar, CEO of ECU. She continued, “we look forward to a whole new world of collaboration in the coming era of digital banking.”
”A merger of these two Baltic credit unions unites credit unions of similar histories, cultures and geography to build a larger community of members that share common interests” stated Andris Lagzdins, CEO of LCU, and added, “we have been working together for a number of years and the time is right to take this spirit of cooperation to the next level. It is the right step for both of our credit unions and members stand to benefit significantly.”
Subject to the normal conditions of due diligence, business case analysis, regulatory approvals and membership approvals, an agreement is anticipated to close by December 31, 2019.
For more information please contact:
President & Chief Executive Officer
Estonian (Toronto) Credit Union
416-465-4659 ext 109
Chief Executive Officer
Latvian Credit Union
(416) 922-2551 ext. 205