“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:
Anita Saar
President & Chief Executive Officer
Estonian (Toronto) Credit Union
416-465-4659 ext 109
anitas@estoniancu.com
Andris Lagzdins
Chief Executive Officer
Latvian Credit Union
(416) 922-2551 ext. 205
lagzdins@kredsab.ca