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The credit union will be opening in the second quarter of 2022

Deposits are insured by FSRA up to $250,000

About Lighthouse CU

Lighthouse Credit Union (Lighthouse CU) launched in 2022 with the goal of serving the diverse needs of the Jewish community in the Greater Toronto Area. Lighthouse CU offers a range of financial service products including everyday banking and mortgages. Lighthouse CU’s senior executive team has deep expertise in the lending market and is overseen by a Board composed of experienced business founders and leaders.

Benefits of being a Lighthouse member

Once you become a member of the Credit Union you are also an owner of LIGHTHOUSE CU.  Members own the credit union so dividends are therefore returned to you as a member with higher savings rates, low or no fees, and lower loan rates! We’re here to help with all your financial needs.  Our primary goal is to help our members with housing so let us guide you through the best structured financing.  Become a member today and let us serve you!

PRESS RELEASE

Lighthouse CU becomes Ontario’s newest credit union following FSRA approval

New credit union will serve the GTA’s growing and diverse Jewish population

 

(Toronto, March 23, 2022). Lighthouse Credit Union (Lighthouse CU) has received official approval from the Financial Services Regulatory Authority of Ontario (FSRA), becoming the province’s newest credit union.

Lighthouse CU will primarily serve the Greater Toronto Area’s diverse Jewish community, with a focus on making home ownership in Jewish neighbourhoods more accessible through competitive residential mortgages, supporting customers with their everyday banking needs, and promoting and supporting community philanthropy and financial literacy.

“Lighthouse CU is delighted to be part of the robust and stable Ontario credit union industry. We are grateful to the FSRA for their approval, support and recognition for the need for a Jewish credit union that serves the unique needs of both the Jewish community and the members of the community-at-large,” says Harley Gold, Chairman of Lighthouse CU.

Lighthouse CU anticipates opening in the first quarter of 2022 . Based on feasibility studies, it is aiming to attract more than 20,000 members in the GTA. Lighthouse is well capitalized with $15 million of initial Tier 1 capital, enabling it to raise hundreds of millions of dollars of deposits from members that would be insured up to $250,000 per depositor.

“We are delighted to welcome Lighthouse Credit Union to the sector. This is the first credit union to launch in Ontario in over a decade and highlights the strength and stability of our growing credit union system, built on the diversity and member focus of cooperative finance. Working to serve both Jewish and non-Jewish communities, we are excited to see the contributions Lighthouse will bring to the sector and the communities they will serve,” says Martha Durdin, President and CEO of the Canadian Credit Union Association.

More than six million Canadians rely on credit unions for their financial needs, seeking better products and more specialized services. Credit unions account for more than 21 per cent of residential mortgages and 22 per cent of small business lending in Canada. With Toronto having one of the strongest Jewish communities in the world, and many members of that community underserved by traditional banks, Lighthouse CU is confident that it will quickly become a leading credit union both in terms of assets and impact.

“There has been an outpouring of support for a Jewish credit union from community organizations, synagogues, schools, and young professionals. A credit union fits well within Jewish principles of community and giving back, and we hope that Lighthouse CU can serve as a financial beacon for the community,” added Gold.

About Lighthouse CU

Lighthouse Credit Union (Lighthouse CU) launched in 2022 with the goal of serving the diverse needs of the Jewish community in the Greater Toronto Area. Lighthouse CU offers a range of financial service products including everyday banking and mortgages. Lighthouse CU’s senior executive team has deep expertise in the lending market and is overseen by a Board composed of experienced business founders and leaders.

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