Saskatchewan credit unions explore potential merger
Three of Saskatchewan's largest credit unions—Conexus, Cornerstone, and Synergy announced talks on November 20.
Three of Saskatchewan’s largest credit unions — Conexus Credit Union, Cornerstone Credit Union and Synergy Credit Union — have announced plans to explore a potential merger. The initiative aims to create a single, province-wide credit union to better serve members and communities while addressing challenges in the financial sector.
The initiative named Together for a Thriving Saskatchewan, has struck Joint Partnership Committee to evaluate how merging could deliver greater value to members, employees and local communities.
Vision for growth
Leaders from the credit unions described the merger as an opportunity to strengthen their services and expand their impact across Saskatchewan.
“Our commitment to Saskatchewan is unwavering,” said Ken Kosolofski, board chair, Conexus Credit Union with the announcement. “We believe that through this partnership, we can foster economic growth and support the dreams of individuals, farmers, and businesses across the province.”
Cornerstone Credit Union board chair Heidi Schofer echoed Kosolofski’s sentiments. “We are incredibly excited to embark on this journey. By uniting our strengths, we envision a credit union that not only meets but exceeds the expectations of our members, employees, and the communities we serve,” she said.
“This potential merger represents a unique opportunity to drive innovation and sustainability. Together, we will be better positioned to tackle competitive and regulatory pressures, ensuring a prosperous future for generations to come,” said Synergy Credit Union board chair Neil Carruthers.
Members have final say
The credit unions are conducting due diligence to create a business case that will outline the merger’s expected benefits. If the findings support the merger, members will vote on whether to approve it.
“Our members are at the core of everything we do,” said Glenn Stang, Synergy Credit Union’s CEO. “Their voice will be instrumental in this process, and we are committed to maintaining transparent communication throughout.”
Focus on member services and innovation
If the merger moves forward, the new credit union plans to enhance member services by investing in technology, employee development, and operational efficiencies.
“Our goal is to offer a differentiated and modern member experience,” said Celina Philpot, CEO of Conexus Credit Union. “Through partnership, we can achieve efficiencies that benefit our members, employees, and the communities we proudly serve.”
About the credit unions
Conexus Credit Union: Serves over 141,000 members, manages nearly $10 billion in assets, and operates 30 locations with 886 employees.
Cornerstone Credit Union: Serves over 30,000 members, manages $2.5 billion in assets, and has 15 branches with 280 employees.
Synergy Credit Union: Serves 27,000 members, manages $2.5 billion in assets, and operates 12 branches with 238 employees.
Learn more
More information about the potential merger is available on the website thrivingtogethersk.ca or at local branches.
