Another credit union merger is on the horizon in the province, this one taking in a large geographical region that spans the province, with a significant number of members.
A joint news release from Conexus, Cornerstone and Synergy Credit Unions outlines that the institutions are exploring a potential merger. The release indicates the intent is 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 the concept presented as a shared vision to combine resource and strategic investments. Each credit union has appointed members to a Joint Partnership Committee designed 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 initial reconnaissance will be a rigorous due diligence process to design a comprehensive business case and give proof of the expected benefits and functions of all 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.
The release goes on to note that the financial services industry continues to evolve and that growing competitive and regulatory pressures and the need for organic growth make mergers an increasingly necessary reality of remaining competitive.
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 goal is to offer a differentiated and modern member experience,” summarized Celina Philpot, CEO, of 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