Parama Credit Union
The Soviet advance and German invasion in 1944 led Lithuanians in their thousands to abandon their homes, farms and businesses to find safety and stability for their families. Canada welcomed the Lithuanian immigrants, and many made their home in the Bloor West/Kingsway area – neighbourhoods far more affordable then than today! Even so, getting established was difficult and made harder by Banks who did not easily loan to immigrants. So, in 1952 this industrious group founded PARAMA Credit Union. They set up in the basement of a community hall and helped each other to buy homes, finance businesses –get established– in this great country.
Today, PARAMA is the largest Lithuanian credit union in the world with assets in excess of $400 million and over 6,800 members. Of the approximately 250 credit unions across Canada, PARAMA is in the top 100, by assets.
We are a full-service financial institution and continue to grow, serving Members of Lithuanian and non-Lithuanian heritage across Ontario. Our GIC rates are some of the best available, and our mortgage department recognizes that people are more than a credit score. Our service is friendly and down-to-earth.
PARAMA is regulated under the authority of the Financial Services Commission of Ontario and eligible deposits are insured by Deposit Insurance Corporation of Ontario.