In 2019, noting our common vision, goals and foundational values, Spruce and Interior began informal discussions to explore the feasibility of combining. In late 2020, 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 mid-2021 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 opportunity.
Both boards passed a Memorandum of Understanding 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 Merger.
Merger application submitted to BCFSA for review and consent.
Spruce and Interior 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. View Letter of Consent in the Supplemental Package.