Skip to content

Litas: June 2011 News Bulletin

by admin on September 10th, 2011

LITAS NEWS

  • RENOVATIONS ARE FINISHED!!!

As of early June, LITAS is back in its usual office space! The damages have been repaired and we have a bright new look – come visit!

Sincere thanks to our pastor, Father Paulius Maliska, and the parish committee for welcoming us into the presbytery and permitting our operations to continue without interruption while renovations were underway.

  • REBATES

Since 1997, when dividends were first paid to our depositors and borrowers, LITAS has given back over $4,2 million to our members!

Rebates totalling $180,033 for 2010 were deposited to your accounts between April 29th and May 5th, 2011. Check your passbook or statement to see how much you received!

  • DONATIONS AND GRANTS

LITAS not only gives rebates to each of its active members, but also supports the Lithuanian community’s various organizations and activities (primarily in Montreal). In 2010 alone, LITAS donated over $34,000 to some 18 organizations!

  • SCHOLARSHIPS FOR STUDENTS

Since 2004 we have been awarding an annual $2,000 scholarship to a member who is a university student. Requirements and applications can be obtained at LITAS or e-mailed upon request in early March of each year. The winner is chosen by a committee and the scholarship is presented at the Annual General Meeting, which takes place in April. This year we added a “Mini-scholarship” of $500 for CEGEP students.

Congratulations to this year’s winners – Vytautas Bučionis, a third year Instrumental Composition student at University of Montreal, who was awarded the $2,000 scholarship.


From left – Vida Lietuvninkas (Scholarship Committee), Vytas Bucionis, jr. (University Student Scholarship winner), Aleksa Piecaitis (CEGEP Student Scholarship winner), Andrew Gaputis (President of the Board of Directors)

LITAS’ first CEGEP scholarship of $500 was awarded to Aleksa Piečaitis, completing the Science program at John Abbott College and admitted into the Bachelor of Engineering program at Concordia University. We are very proud that both of you are LITAS members!

  • JULY 1ST : CHANGES TO SERVICE CHARGES

As of July 1st, some changes to service charges will come into effect. Details can be obtained at our office or mailed upon request. Please note that if you keep a total of $2000 in your account, most service charges do not apply.

  • NO FEES FOR YOUNG MEMBERS

As of July 1st, accounts opened by or for young members up to 18 years of age will not be charged any fees.

  • SPECIAL MORTGAGE PROMOTIONFOR MEMBERS UP TO 40 YEARS OF AGE

– LITAS pays notary fees up to $1000

– LITAS pays inspection (evaluator) fees

– no fees for processing the loan application (or its eventual renewal)

*1 year closed at the prime rate = only 3%

– interest paid on the mortgage qualifies for annual rebates (dividend)

+ if of Lithuanian origin: 1 year exemption from all service charges on member’s entire folio

From → Litas

Comments are closed.