March 4, 2014
Estonian Credit Union Acquires Property
The Estonian Credit Union closed a deal to purchase the property at 11 Madison Avenue in Toronto on Friday, February 28, 2014.
The primary reason for acquiring this property is part of the Credit Union’s risk management to secure facilities for continuity of service and operations for its members in preparation for the anticipated re-development of the Estonian House, which is the location of our current operations. The purchase was further attractive due to the prime location of this property and, especially, its proximity to Tartu College, which is a major hub of Estonian community activity. Through this acquisition, the Credit Union positions itself to provide continuous seamless service in close proximity to community activities throughout any future development process.
The purchase will have no impact on day-to-day operations in the near term. In other words, ECU will continue to operate out of one branch at the Estonian House and will use the property to generate rental income in the interim.
With $108 million in assets, the Estonian Credit Union is one of the largest financial institutions in the world to be owned primarily by shareholders of Estonian heritage. As such, the Credit Union takes its commitment to and support of the Estonian community very seriously. ECU will continue to support and work together with the Estonian House, Estonian Foundation in Canada, and Tartu College to deliver a financially sustainable community and cultural centre that meets the needs of the Estonian community and that we can all be proud of.
As we celebrate our 60th anniversary, we trust our members and the Estonian community at large will join with us in agreeing that the Credit Union has positioned itself successfully both to manage the change presented by the Estonian House re-development project and to secure a foothold for future needs.
Board of Directors
Estonian (Toronto) Credit Union Limited
