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:
Informal discussions began, considering the merits of joining forces.
Both credit unions and legal counsel met with BCFSA to discuss regulatory expectations and application requirements.
Both boards passed a Memorandum of Understanding (“MOU”) outlining their agreement on key principles.
Engaged the expertise of project management, legal, financial, accounting and tax advisors.
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.
Merger application submitted to BCFSA for review and consent.
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.
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.