Desjardins Credit Union (“DCU”) has merged with Meridian Credit Union (“Meridian”) to form the fourth largest credit union in Canada with over $8 billion in assets under management and 263,000 members.
With assets of $1.4 billion, DCU was the third largest credit union in Ontario and provided a diversified range of financial services and products to its 47,000 members. DCU was formed in 2003 through the acquisition of the Province of Ontario Savings Office, a transaction completed with the financial support of the Desjardins Group. Desjardins Group is based in Quebec and is the sixth largest co-operative financial group in the world.
Crosbie was retained to arrange and provide advice on a strategic transaction for DCU, which had been underperforming. Crosbie worked closely with management and other stakeholders to develop a compelling value proposition for prospective merger partners and then ran a process involving all of the largest credit unions across Canada. In addition to managing major business aspects of the transaction through to closing, Crosbie played a lead role in the negotiation of the transaction terms and structure between DCU, Meridian, and the Desjardins Group.
“The Crosbie team’s ability to understand concerns, identify solutions and present sound recommendations under tight timelines was invaluable. I was particularly impressed by their excellent negotiation skills. I will not hesitate to recommend Crosbie to my contacts for any challenging mandate.”
Lionel Gauvin, President & CEO Desjardins Credit Union