Major credit union merger in the works

Exploring a united future for credit unions

In a significant development for Saskatchewan's financial sector, Conexus Credit Union, Cornerstone Credit Union, and Synergy Credit Union have announced their intent to explore a potential merger. This initiative, called "Together for a Thriving Saskatchewan," aims to create a stronger, province-wide credit union designed to meet the evolving needs of its members and communities.

The merger exploration is led by a Joint Partnership Committee, with representatives from all three credit unions. This group is focused on identifying synergies that will bring meaningful benefits to members, employees, and communities. The partnership envisions combining resources and strategic investments to foster economic growth and sustainability across Saskatchewan.

“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.”

The process involves rigorous due diligence to assess potential benefits across all aspects of operations. If the merger moves forward, members will ultimately vote to determine its

approval. Member input will be central to the decision-making process, ensuring transparency and trust throughout.

As the financial services industry faces increasing competition and regulatory demands, mergers have become a strategy for achieving scalability and growth. “Together, our shared understanding of Saskatchewan’s markets and our commitment to employee development will ensure sustainable financial services that benefit all stakeholders,” said Doug Jones, CEO of Cornerstone Credit Union.

The new credit union will prioritize innovation, member-centric services, and employee development to create a high-performance culture. “Our goal is to offer a differentiated and modern member experience,” said 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 stay informed about this potential merger by visiting branches or the dedicated website: www.thrivingtogethersk.ca.

Photo Credit: conexus.ca