Conexus Credit Union is moving one step closer in its proposed merger with Cornerstone and Synergy Credit Unions, potentially forming the largest credit union in the province.
The three credit unions are recommending the merger to their members in a vote that is upcoming in June. A joint statement issued by the trio states that by working together, the new amalgamated credit union will create a stronger, more resilient credit union that remains member-focused and upholds their shared values.
The announcement of the recommendation follows a period of due diligence by each of the organizations.
“Cornerstone, Conexus and Synergy Credit Unions are all thrilled to recommend this merger to our members,” confirmed Conexus Credit Union Board Chair Ken Kosolofski. “When you talked last in November, we were still doing a lot of exploration, but now we’ve completed a detailed due diligence, and we are very confident that this merger is a good thing for our members.
One of the premises of the merger is that we put the members first. There’s no use embarking on a merger is there is no advantage to the membership.”
Among those advantages, as stated in the release, are the ability to share profits with members while maintaining competitive rates and fees, to ensure long-term sustainability in a rapidly changing financial landscape, to continue investing in local communities, and the invest in technology so members have a full range of banking options.
“If the merger comes together, we will be the largest credit union in the province with $15 Billion dollars of assets under management,” confirms Conexus Credit Union CEO Celina Philpot. “We will have roughly 1400 employees and 57 locations across Saskatchewan covering the entire province. Our team will be empowered with the required technology, modern products and insights to provide proactive, needs-based advice tailored to your financial goals.
Kosolofski urges the members of all three credit unions to investigate further to understand the proposed benefits for themselves. Members and the public can learn more about this recommended merger by visiting any of the three credit unions’ branches or the shared “Together for a Thriving Saskatchewan” website.
Speaking for Conexus Credit Union, Philpot says, “We’ve been operating in the province of Saskatchewan for over 80 years, and we would like to continue to operate in the province for generations to come.”
More details on the merger and the upcoming vote are available on the website or from any of the three organizations’ credit union branches.