REGINA - The boards of Conexus, Cornerstone, and Synergy Credit Unions are recommending a merger to their members.
It was announced Tuesday that the boards of the three credit unions have unanimously approved this recommendation, which will now go to the members in a voting process in June.
The three credit unions had been in the exploration phase for the past several months. With this announcement the process moves to the “recommendation” phase of their merger initiative, where they will take the proposal to their members. Each credit union will require a 75 per cent approval by he membership in order for the merger to go ahead.
Should it be approved, the next step will be regulatory approval, with the newly combined credit union officially launching on Jan. 1, 2026.
Should the merger proceed, the combined entity will be the province’s largest credit union with 57 branch locations in 50 communities.
The proponents of the merger are touting the potential for a modern digital bank experience with low to no fee options. The plan is for the staff members to be retained at the new entity, with more opportunities for career development and growth potential.
Conexus is based in Regina and manages over $10 billion in assets with over 897 employees serving more than 144,000 members across 30 locations in Saskatchewan.
Cornerstone is based in Yorkton and has over $2.7 billion in assets with 15 branches, 30,000 members and 280 employees,
Synergy is headquartered in Lloydminster and serves over 27,000 members with 12 branches, 238 employees and approximately $2.8 billion in assets.
“This merger puts members first,” said Celina Philpot, CEO of Conexus Credit Union, in a statement.
“We are excited about what a merged credit union with $15 billion in assets under management and 57 branches in 50 communities means for our members. Our team will be empowered with the required technology, modern products and insights to provide proactive, needs-based advice tailored to your financial goals. Your vote matters! Let’s move ahead together.”
“Our members care deeply about their credit union and their community. We believe that partnering is the right choice,” said Doug Jones, CEO of Cornerstone Credit Union, in a statement.
“A merged credit union will amplify the positive benefits for both “members and our communities, with profits staying local. Ultimately, this merger is about building a stronger credit union for everyone involved.”
“The world is full of uncertainties, many of which are beyond our control, yet they significantly affect us – whether through global politics, economic shifts or rapid technological advancements that reshape competition,” said Trevor Beaton, CEO of Synergy Credit Union, in a statement.
“By joining forces, we will be better equipped to navigate unforeseen challenges and seize new opportunities than we would be on our own.”
