It's official: starting January 1, 2026, Conexus, Cornerstone, and Synergy Credit Union will officially merge together to "form a stronger, more resilient credit union" according to merger information released earlier this week.
Each credit union entering the merger required a 75 per cent approval vote from its members. Synergy Credit Union members voted 88.7 per cent in favour, Conexus Credit Union second at 87.5 per cent, and Cornerstone a little less at 86.5 per cent.
In the coming weeks a new CEO will be named, chosen from one of the three existing options. The new name will also be selected out of the three outgoing credit unions.
An inaugural 12-member board is already in place. Synergy Credit Union has three directors, Melanie Bonnah, C. Neil Carruthers, and Don Wheler. Bonnah is the most recent board member being elected in 2016, Carruthers has served on the board since 2012, Wheler since 1998, as they join another three directors from Cornerstone, and another six from Conexus to round out the dozen seats.
Each credit union is assuring their members that no immediate changes will happen, and that banking as usual will be the case while the integration progress takes place into 2026. Synergy Credit Union says they are keeping members informed with changes well ahead of time, and answered some frequently asked questions to try and help alleviate any extra concerns.
The threshold of a 75 per cent approval rate is in place due to the Saskatchewan Credit Union Act that "upholds the cooperative principle that credit unions are democratic organizations controlled by their members."