MERGER TIMELINE

In 2021, noting our common vision, goals and foundational values, North Peace Savings and Interior began informal discussions to explore the feasibility of combining. In the summer of 2022, the Credit Unions began a more formal review of the benefits and risks of a merger, supported by independent legal, financial and project advisors. Later, in December we submitted an Application for Consent to our regulator, the BC Financial Services Authority (“BCFSA”).

Below is an overview of the major milestones:

Late 2021

Informal discussions began, considering the merits of joining forces.

July 2022

Both credit unions and legal counsel met with BCFSA to discuss regulatory expectations and application requirements.

August 2022

Both boards passed a Memorandum of Understanding (“MOU”) outlining their agreement on key principles. 

August 2022

Engaged the expertise of project management, legal, financial, accounting and tax advisors. 

November 2022

Independent external advisors and management teams presented findings from due diligence to each Credit Union’s board. After which, each board voted unanimously to proceed with the Proposed Merger. 

December 2022

Merger application submitted to BCFSA for review and consent.

December 2022

North Peace Savings and Credit Union and Interior Savings entered into a pre-transfer agreement governing certain other commitments between the Credit Unions between the time of obtaining BCFSA consent to the proposed Asset Transfer Agreement and the time of entering into the Asset Transfer Agreement. 

April 2023

BCFSA grants its consent to proceed with a member vote. View Letter of Consent in the Supplemental Information Package available in branch or online at www.together-strong.ca.