The Board of Directors of the Estonian (Toronto) Credit Union with both regret and reluctance, informs its membership, that Tarmo Lõbu, President and Chief Executive Officer, will be leaving the credit union effective July 31, 2007. Tarmo has decided to accept a senior strategic banking position in Estonia.
Tarmo has led the credit union since March 2001, utilizing his considerable experience from Citibank Canada and the Central Bank of Estonia for the benefit of the credit union and its membership. The six plus years of tireless effort which Tarmo contributed to the Estonian Credit Union is noteworthy for its breadth of accomplishment. Tarmo has overseen the restructuring of the credit union’s service offering and the continual automation and improvement of its operating and reporting systems. He has also laid the groundwork for setting the direction of the credit union into the future. Under his leadership the credit union’s asset base increased to $76 million, while achieving record annual income levels which are approaching $1 million and growing. Having implemented the bonus interest and loan rebate program, more than $1 million has been distributed back to the membership over the past five years. This is a testament to the credit union’s excellent performance during his tenure.
Tarmo has earned the gratitude of both the credit union’s membership and the Toronto Estonian community at large. The Board of Directors acknowledges Tarmo’s efforts and accomplishments and expresses to him their sincerest gratitude for leading the credit union over the past six years. The Board also extends to Tarmo its best wishes for success as he takes up his new responsibilities in Estonia.
With Tarmo Lõbu’s planned resignation, the Board of Directors of the Estonian (Toronto) Credit Union declares the position of President and Chief Executive Officer, vacant as of August 1, 2007. The Board will act expeditiously to fill this vacancy.
TOOMAS MARLEY
Chair, Board of Directors
June 6, 2007