Credit Union Transaction Completed

On July 1, 2008, Central 1 Credit Union (formerly Credit Union Central of British Columbia) (“Central 1”) completed its business combination with Credit Union Central of Ontario Limited (“Ontario Central”) by acquiring Ontario Central's assets to create a national wholesale financial institution with assets of approximately $8 billion. As consideration Ontario Central receives approximately 30 per cent of the equity in Central 1 which it will distribute to its 150 institutional members who join Central 1's previously existing 50 institutional members.

The transaction was originally scheduled to close in the fall of 2007, but was delayed while the parties implemented a structure designed to shelter Central 1 from exposure to asset backed commercial paper held by Ontario Central, involving establishment of a special purpose limited partnership (“ABCP Partnership”).

Central 1 will provide payment, treasury, liquidity and other financial services to the credit union systems in BC and Ontario, as well as fulfill its ongoing role as manager of certain liquidity for all provincial centrals. The combination of the parties' wholesale financial businesses is the first step in implementing its national vision of a single central for all of the credit union systems across the country. Central 1's 200 institutional members represent over 2.8 million individual members in Canada.

Stikeman Elliott LLP represented Central 1 through a team that included John Anderson, Annette Dueck, Ed Waitzer, Shawn Neylan (regulatory), Jennifer Honeyman, Elizabeth Thampy, and Jesse Ahuja. Credit Union Central of Ontario Limited was represented by Tanner & Guiney Associates with a team that consisted of David Guiney and Penny Rintoul.

ABCP Partnership was represented by Bennett Jones LLP with a team that included Peter Birkness, John Kousinioris and Yoon Han.


Peter B. Birkness Edward J. Waitzer David J. Guiney Elizabeth Thampy Shawn C.D. Neylan John F. Anderson Annette E. F. Dueck John H. Kousinioris


Stikeman Elliott LLP Tanner & Guiney Associates Bennett Jones LLP