The idea of establishing a credit union was first formally introduced by Artur Ekbaum at a meeting of the Toronto Estonian Club on September 17,
1953. This ultimately led to the incorporation of the Estonian (Toronto) Credit Union Limited on December 8, 1953. Its inaugural general meeting was held at the Vana-Andrese Kirik (Church of Saint Andrew) at the corner of Jarvis and Carlton on January 17, 1954. This served as an appropriate spot as the church had become a major gathering place for the Estonian émigré community that had landed in Toronto after the war. It was here that the credit union's boards and committees were first elected by the membership. Approximately $400 was raised from members in attendance.
The "doors" of the credit union were officially opened at 7 pm on Thursday, February 11, 1954 when the newly elected officials arrived at the small meeting room of the church with a briefcase containing the credit union's
books, records, documents and cash balances. A cardboard sign denoting "Toronto Eesti Ühispank" was placed on the door. By the end of the evening one loan had been approved and a number of deposits had been accepted. On the following Monday, the briefcase made its way to the "Meie Elu" (“Our Life”) newspaper office at Bay and Gerrard Streets for the credit union's second day of operation. So began the operations of the credit union, which saw the briefcase make numerous trips between the church and newspaper offices before its contents finally came to rest in a metal cabinet in the newspaper offices in 1955. During 1956 the credit union began to lease its own space adjacent to the newspaper offices. In 1958 the credit union hired its first full time employee and never looked back.
The credit union has since managed to transform itself into a modern full service financial institution with close to $60 million in assets. Its unique combination of personalized service and competitive pricing through its no-fee policies and competitive rates ensure that its members receive the best available from today's marketplace. More importantly, the ability to return profits to its members through patronage returns and donations to the community at large, differentiates the credit union from other providers of financial services and solidifies its continuing and important role in the local Estonian community. Only through the continued support of a very rich and diverse community has the credit union managed to attain the level of success that it enjoys today.
Our Annual General Meeting will also take on a more enlarged format to acknowledge 50 years of effort and success. The AGM will be held on the afternoon of Sunday March 28th, 2004.