Conexus, Cornerstone, and Synergy Credit Unions are recommending to members that they merge. Details on the voting process for members will be announced in the future, states a press release.
Also, if approved the new entity will encompass a $15 billion credit union serving over 200,000 members across 50 communities.
The boards of the three credit unions are in unanimous support of the merger after exploring the matter.
By bringing their operations together for a thriving Saskatchewan, the new entity envisions:
- Sharing profits with members while maintaining competitive rates and fees
- Ensuring long-term sustainability in a rapidly changing financial landscape
- Continued investing in local communities to support a thriving Saskatchewan
- Investing in technology so members can bank where, when, and how they want
Synergy Credit Union is holding it’s AGM online on April 9.
“Today, we are proud to announce our commitments to members as we move forward with this merger. We remain dedicated to serving members in the way that suits them best—whether through their trusted local branches or modern, easy-to-use online tools. Additionally, we reaffirm our commitment to local decision-making, delivering more value to members, and with no overlap, keeping branches open as part of this merger,” said Neil Carruthers, Board Chair of Synergy Credit Union.
If approved by members and the regulator, the new entity will launch on January 1, 2026.
“All three credit unions are entering this merger from a position of strength. There will be many benefits for Conexus, Cornerstone, and Synergy members. Our boards have confirmed that this merger will strengthen our ability to invest, stay competitive, and continue meeting the needs of members – now and into the future,” said Ken Kosolofski, Board Chair of Conexus Credit Union.
The conversation to merge was announced last fall with the aim to complete the business case by the end of March.
“This merger is about building a provincial credit union that is even more member-focused, sustainable, and competitive. The headwinds of rising costs, economic volatility, and increasing regulatory demands make it harder to go it alone while meeting evolving member expectations. We are choosing to work together to create a strong community-focused credit union serving both today’s members and future generations,” said Heidi Schofer, Board Chair of Cornerstone Credit Union.
More information on the recommended merger is available at any of the three credit unions’ branches or via “Together for a Thriving Saskatchewan” website.
