PARAMA Credit Union announces change of Board leadership

Parama Credit Union Board from the right sitting: Tomas Kuras, Rita Urbonavičius, Jane Macijauskas; standing: Rimas Kružikas, Monika Spudas, Edmundas Pamataitis, Audrius Vaidila

Rita Urbonavičius steps down as Chair, Tomas Kuras accepts the appointment

Toronto, Ontario, January 8, 2021 – PARAMA Credit Union is pleased to announce the appointment of Tomas Kuras as Board Chair. Tomas succeeds Rita Urbonavičius who served as Chair for 10 years, since first being elected to PARAMA’s Board in 1999. Rita will continue to bring her extensive insights and experience to PARAMA’s board as a director.

“I am confident that I am leaving my role as Chair at a time that PARAMA has a highly capable and dedicated Board to guide PARAMA and uphold good governance and oversight.” She adds “As a Director and past Chair, I look forward to focusing on PARAMA’s support of the Lithuanian community here in Ontario and making a continued contribution to PARAMA’s success.”
A Director since 2010, Tomas Kuras will assume the role of Chair as the credit union invests in people and systems to improve member experience. “I enjoy that PARAMA is part of the important milestones in peoples lives.”
He adds “Rita has chaired PARAMA through a period of considerable growth and regulatory change. She is deeply dedicated to the people we serve, and I am grateful she will continue on as a Director.”
CEO Tarmo Lõbu expressed his thanks to Rita for her extensive contributions as Chair. “We have always appreciated Rita’s prudent counsel and strong dedication to PARAMA. We look forward to working with Tomas and Rita and the entire Board as we navigate into the future.”

About PARAMA Credit Union

PARAMA Credit Union was established in 1952 by Lithuanians who immigrated to Canada after the Second World War. It started in the basement of the cultural community hall with the goal of helping community members buy homes and establish new lives in Canada.
Today, PARAMA is a full-service financial institution with over 6,000 members and $420 million in assets.
We welcome Ontarians of all ethnic heritages to be Members and pride ourselves on friendly, personal service and competitive rates on loans and deposits. PARAMA is regulated by the Financial Services Regulatory Authority of Ontario (FSRA) and eligible deposits are insured under FSRA’s Deposit Insurance program. Learn more at

Linda Wild
Chief Marketing Officer