Canada's Second- and Third-largest Credit Unions Merge

Effective June 27, 2002, Coast Capital Savings Credit Union merged with Surrey Metro Savings Credit Union by acquiring all the assets and assuming all the obligations and liabilities of Surrey Metro. Coast Capital is now Canada's largest credit union in terms of membership, and the second-largest in terms of assets with over $6 billion. The transaction included a $50 million financing to assist in the purchase and de-listing of all the publicly traded shares of Surrey Metro.

Edwards, Kenny & Bray acted for Coast Capital, with a team led by Gary Bartels and including Renee Stafford, Peter Brown and Geoffrey Sherrott (securities) and Deborah Clark and Terence Stewart (financing). David Christian of Thorsteinssons provided tax advice to Coast Capital. Surrey Metro was represented by Borden Ladner Gervais LLP, with a team led by William Sirett and Barbara Smith and including Robert Kopstein (tax), Donald Bird (financing) and Eric Doherty.

The lender for the financing, Caisse centrale Desjardins, was represented by Blake, Cassels & Graydon LLP, with a team led by Michael Harquail in Toronto, and assisted by Chris Marshall in Toronto and Neal Wang in Vancouver.