Three of Saskatchewan’s largest credit unions, Conexus, Cornerstone, and Synergy, announced on Tuesday that they have unanimously recommended a merger to their members.
This recommendation marks a significant advancement in the credit unions’ collaborative initiative, “Together for a Thriving Saskatchewan.”
The decision follows extensive due diligence by the Boards of all three credit unions, who have agreed that joining forces will enable them to better serve their members and communities amid an evolving financial landscape.
If approved by members, the merger would result in a new credit union with approximately $15 billion in assets under management, and a combined network of 57 branches across 50 Saskatchewan communities, without closing any branches due to overlap.
“This merger puts members first,” said Celina Philpot, CEO of Conexus Credit Union. “It empowers us to offer modern digital banking solutions, enhanced lending capacity, specialized expertise, and more ways for our members to benefit directly from their credit union’s success.”
Key benefits promised to members include an improved digital banking experience, low to no-fee financial options, profit-sharing through a new rewards program, and the continuation of local service and decision-making. Additionally, the combined credit union commits to reinvesting five percent of its pre-tax profits back into local communities.
Doug Jones, CEO of Cornerstone Credit Union, stressed the importance of staying local.
“Our members care deeply about their credit union and their community. By merging, we can amplify the benefits to our members and communities, ensuring profits remain in Saskatchewan,” Jones said.
Trevor Beaton, CEO of Synergy Credit Union, emphasized resilience as a major motivation for the merger.
“The world is full of uncertainties, and by uniting our resources and expertise, we become more capable of navigating challenges and seizing opportunities than we could individually,” Beaton said.
Members of each credit union will have their say on the merger proposal through a vote scheduled for June 2025. If approved by both members and regulators, the new, combined credit union will officially launch on January 1, 2026.