Three large credit unions based in Saskatchewan, Canada, have announced their intent to explore a possible merger.
Conexus, Cornerstone and Synergy credit unions have established a joint partnership committee to explore the opportunity, under the banner of ‘Together for a Thriving Saskatchewan’.
Representatives say the move is driven by a shared vision of combined resources and strategic investments, “to create a stronger, more resilient province-wide credit union that evolves with the changing needs of its members and communities”.
Conexus, established in 1937, today manages almost CA$10bn in assets, employing 886 people. The credit union serves more than 141,000 members across 30 locations in Saskatchewan, including over 97,700 active digital banking users.
“Our goal is to offer a differentiated and modern member experience,” said Conexus CEO Celina Philpot. “Through partnership, we can achieve efficiencies that benefit our members, employees, and the communities we proudly serve.”
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Cornerstone is the product of many mergers since it was set up in 1941, and now has over $2.5bn in assets with 15 branches in East-Central Saskatchewan. It serves over 30,000 members, employing 280 people.
Cornerstone’s CEO, Doug Jones, said: “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.”
Synergy has been running since 1943, now serving over 27,000 members across west-central Saskatchewan. Synergy has 238 employees and manages more than $2.5bn in assets.
“Our members are at the core of everything we do,” said CEO Glenn Stang. “Their voice will be instrumental in this process, and we are committed to maintaining transparent communication throughout.”
A business case will be presented to the credit unions’ boards of directors by April 2025. If approved, the merger will be presented to members to vote on, and if successful could be in effect by January 1 2026.
