On Thursday, Surrey Metro Savings, Canada’s third largest credit union, officially transferred its assets to Coast Capital Savings Credit Union, to create a single credit union that is the country’s largest in terms of membership with almost 300,000 members and second largest in terms of assets with over $6 billion.

“Together, we will become even better at what BC credit unions already do the best,” says Coast Capital Savings board chair Bill Wellburn.

“By joining Surrey Metro Savings with Coast Capital Savings, the new merged credit union reaches 90% of the population in the Lower Mainland and southern Vancouver Island and is better positioned to serve consumers with a locally-based, cooperative alternative to the traditional financial service providers,” says former Surrey Metro Savings Board Chair Tom Kirstein.

In May, Surrey Metro Savings’ members and non-voting shareholders voted overwhelmingly in favour of merging with Coast Capital Savings. As part of the merger transaction, all of Surrey Metro Savings’ non-voting shares have been acquired by Coast Capital Savings for $21 per share. In order to facilitate settlement, the shares will continue to notionally trade on the Toronto Stock Exchange over the next few days and will then be delisted. All non-voting shareholders will receive a package in the mail with instructions on how to obtain payment for their shares.

Effective July 1, 2002, members of both credit unions will have access to the combined 76 ATM network in the Lower Mainland and on Vancouver Island. There will be no layoffs or closures at any of the 42 branches as a result of this merger. The credit union is planning an orderly transition with operational changes commencing in early 2003. Surrey Metro Savings will operate as a division of Coast Capital Savings for the remainder of the year.

The Board of Directors of the merged credit union has been expanded and reconstituted to include six representatives from Surrey Metro Savings’ prior board. Doug Brawn, Frank Harper, John Jansen, Ken Martin, Tom Kirstein and Doug Stone of Surrey Metro Savings have joined the following directors of Coast Capital Savings on the board of the new merged credit union: Bill Wellburn (Chair), Christine Brodie, Daniel Burns, Chris Craig, Georgiana Evans, Bob Garnett, John Huska, Karen Kesteloo, Patricia Lane, Tilly Marxreiter, Gordon Munn and Elizabeth Woods.

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