Talka Credit Union
When the Soviets began returning to Lithuania in 1944 for the second time, hundreds of thousands of Lithuanians left their farms and possessions, to begin their long and weary trek westward in hope of refuge from the impeding reign of terror. By 1948 some of these refugees found their way to Hamilton. By 1955, Hamilton was home to a substantial Lithuanian community, with its own church and many cultural organizations.
At this time some of the more visionary community leaders, dissatisfied with the service provided by the local banks, saw the need for their own financial institution. On March 22, 1955 the province of Ontario approved the organization known as Talka (Hamilton) Credit Union and issued the Certificate of Incorporation. Beginnings were humble, a one person operation working out of his home and on Sundays from a small room at the parish church.
Today Talka Credit Union has grown to a full service financial institution with assets of $145 million, housed in its own building with a full time staff of 8 employees. In 2012, Talka became an “open bond” credit union allowing us to service members of both Lithuanian and non Lithuanian heritage. Talka is a member of the Central 1 Credit Union. All eligible deposits are insured by the Deposit Insurance Corporation of Ontario (DICO).
February 1955 – First Board of Directors elected. Thirty-one individuals paid the compulsory $5 share and 25 cents registration fee at this inaugural meeting.
July 1961 – Personal chequing accounts were first offered to members.
May 1966 – Talka surpasses $1 million in total assets.
November 1971 – Talka moved to its present location on 830 Main Street East in Hamilton.
1985 – Registered Retirement accounts were first offered.
1991 – Talka started its annual support for university students.
2012 – Talka becomes an open bond credit union serving the greater Hamilton area.
2015 – Talka surpasses $100 million in total assets.