Parama Credit Union
The period after 1944 was a time of great turmoil across Europe. Lithuanians in their thousands abandoned 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 they are 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 approaching $400 million and over 6,800 members. Of all the credit unions across Canada, PARAMA is in the top 100, by assets.
We are a full-service financial institution and continue to grow, serving the Kingsway community and people of all heritages across Ontario. Our GIC rates are some of the best available, and just as in 1952 – we make it a little easier to obtain the financing people need. Our service is friendly and down-to-earth.
PARAMA is regulated under the authority of the Financial Services Regulatory Authority of Ontario (formerly DICO). Your deposits are safe and sound – under the Deposit Insurance Corporation of Ontario, registered deposits are automatically insured for an unlimited amount; unregistered deposits are automatically insured up to $250,000. Read more about deposit insurance here: https://www.fsrao.ca/consumers/deposit-insurance-and-credit-unions