Literally meaning “Let’s get to work”, this Italian expression aptly describes the efforts of a group of like-minded individuals who, in the mid-1990s, were bound by their belief in the viability of smaller community banking institutions.
This steering committee reached the first of many milestones on April 17, 2000 when Italian Canadian Savings & Credit Union Limited was officially incorporated.
Today, IC Savings stands as a full-service financial co-operative with eight branches in Toronto and Vaughan and a lending services centre that serves members (customers) in the Greater Toronto Area and throughout central and southwestern Ontario. Our credit union offers members a complete range of banking, lending and investment products and services.
Originally Italian Canadian Savings & Credit Union, IC Savings first opened its doors on September 28, 2000 in Woodbridge, Ontario. It had been granted a charter months earlier, on April 17, by the Government of Ontario. Then-premier, The Hon. Mike Harris, was present at a special ceremony to commemorate this milestone.
Our incredible story began with just $3 million in risk capital, 130 founding members and a team of three employees, who worked out of a small office on Woodbridge Lane. Within two years, the location would expand to include a new mortgage centre and corporate office and assets would grow to more than $100 million.
From the beginning, we have put our financial resources to work where it matters, adding economic, social and cultural value to the communities where we live and work with financial support, in-kind contributions and through volunteerism. To date, more than $5 million has been pledged and raised through inspired initiatives such as Festa in Piazza (pictured right); these help to create lasting positive impacts in the community.
The period 2005-2011 was one of impressive growth. By year-end, on January 31, 2006, the credit union had exceeded $1 million in total assets and would eventually open new retail branches in several established Toronto neighbourhoods including Yorkdale-Glen Park (2007), Corso Italia (2008) and Little Portugal at Dundas and Ossington (2009).
By the time it reached its 10th full year of operations, membership had grown to more than 7,200. The following year saw two more retail locations opening in the heart of Little Italy (2011) and Woodbridge West (2011, pictured left).
Humber River Hospital has been serving our community for many years. It is the place where many of our children were born, and where many of our seniors continue to receive the medical care they need.
In May 2012, IC Savings pledged its support of $1 million towards the hospital’s $225 million building campaign, which had been chaired, until late 2017, by Fausto Gaudio, our president and CEO. We were the first community organization to do so. The new hospital, North America’s first fully digital facility, opened in October 2015.
After launching Career HeadStart, a unique career development program for university and college graduates in mid-2016, IC Savings reached another impressive milestone in late March 2017 with the opening of a new corporate office, lending centre and seventh retail branch in Etobicoke Centre.
Shortlisted for a Toronto Urban Design Award, the striking five-storey building met City of Toronto Green Standards and was also recognized with LEEDS gold certification.
That same year saw the launch, in September, of Fundo de Apoio IC Savings, a community fund supporting the good work by charitable organizations and cultural associations in the GTA. It is overseen by leaders of the Portuguese Canadian community.
Before the start of the new decade, in late November 2019, we celebrated the opening of our eighth retail branch in Toronto’s midtown, in Hillcrest Village. By fiscal year-end, membership had grown to well over 18,000 and assets under administration stood at just under $815 million.
Our credit union and our members benefit from the experience and insights that these talented individuals bring to the table.
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