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November 20, 2024 - In an exciting new development for Saskatchewan’s financial landscape, Conexus Credit Union, Cornerstone Credit Union, and Synergy Credit Union are thrilled to announce their intent to explore a potential merger. This partnership aims to create a stronger, more resilient province-wide credit union that evolves with the changing needs of its members and communities.
Together for a Thriving Saskatchewan, is an initiative driven by a shared vision to combine resources and strategic investments. The Joint Partnership Committee, comprising of representatives from each credit union, has been established to explore synergies that will create tangible value and benefits for all three organizations.
“Our commitment to Saskatchewan is unwavering," said Conexus Board Chair, Ken Kosolofski. “We believe that through this partnership, we can foster economic growth and support the dreams of individuals, farmers, and businesses across the province.”
Cornerstone Board Chair, Heidi Schofer, echoed this sentiment, stating, “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.”
Synergy Board Chair, Neil Carruthers, added, “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.”
The exploration phase involves rigorous due diligence to develop a comprehensive business case, validating the expected benefits across all functions of the credit unions. If approved, the merger will be recommended to the members, who will have the final say in shaping the future of their credit union.
“Our members are at the core of everything we do,” emphasized Glenn Stang, CEO Synergy Credit Union. “Their voice will be instrumental in this process, and we are committed to maintaining transparent communication throughout.”
As the financial services industry continues to evolve, with growing competitive and regulatory pressures and the need for meaningful organic growth, credit unions are increasingly turning to mergers to achieve the necessary scale.
“As like-minded credit unions, we believe our collective deep understanding of local markets across Saskatchewan and strong employee engagement will ensure sustainable and supportive financial operations that benefit everyone involved,” continued Doug Jones, CEO, Cornerstone Credit Union.
The new credit union aims to invest in its employees’ development, preparing them for current and future opportunities. This commitment to fostering a high-performance culture centered on members is foundational to the merger discussions.
“Our goal is to offer a differentiated and modern member experience,” summarized Celina Philpot, CEO, Conexus Credit Union. “Through partnership, we can achieve efficiencies that benefit our members, employees, and the communities we proudly serve.”
Members and the public can learn more about this potential merger by visiting any of the branches or the shared credit union website www.thrivingtogethersk.ca.
About Conexus Credit Union
Conexus has more than 80 years of serving members and giving back to our communities. Conexus manages almost $10 billion in assets and has 886 employees serving more than 141,000 members across 30 locations in Saskatchewan.
About Cornerstone Credit Union
Cornerstone is the product of many mergers over the years, with the most recent in 2021 with Cornerstone, Horizon and Plainsview credit unions. Cornerstone has over $2.5 billion in assets with 15 branches within East-Central Saskatchewan. Cornerstone Credit Union serves over 30,000 members and has an employee base of 280.
About Synergy Credit Union
Synergy is a member-owned financial institution serving over 27,000 members with 12 branches across west-central Saskatchewan. As the fifth-largest credit union in Saskatchewan, we have 238 employees and manage over $2.5 billion in assets, standing tall among Canada’s leading credit unions.
For more information, please contact:
Janelle Lindsey
Conexus Credit Union
(306) 751-8201
Lori Walsh
Cornerstone Credit Union
(306) 621-3471
Marié Steyl
Synergy Credit Union
(306) 500 5159
