ECU is located in Toronto and currently serves the Estonian community with over 4,700 members.
LCU is located in Toronto, with a branch in Hamilton, and currently serves the Latvian community with over 1,500 members.
“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.