The boards of Conexus Credit Union, Cornerstone Credit Union, and Synergy Credit Union have officially approved a proposal to merge, setting the stage for the creation of the largest credit union in Saskatchewan and one of the largest in Canada.
In an interview with Discover Weyburn, Conexus board chair Ken Kosolofski said the recommendation reflects a shared commitment across all three organizations to put members first.
“As board chair, Conexus, Cornerstone, and Synergy Credit Unions, they’re all very, very thrilled to formally recommend this merger to our members,” Kosolofski said. “Right from the start, the premise of this is that the merger has to put our members first, and we’re excited to be sharing some of the commitments in the news release about how it’s going to benefit our members.”
Some of the commitments highlighted include a prioritized investment in digital banking, profit-sharing with members, and an enhanced lending capacity. Additionally, they are committing to retaining engaged team members with local service and local decision-making.
A member vote is expected in June, with a special meeting in May to provide more details to members. All three credit unions will conduct their own formal consultation and voting processes. If the merger is approved, the new organization will officially launch on January 1, 2026.
Kosolofski emphasized the importance of member engagement during this process.
“This is a very, very important vote for the future of these three credit unions. So we ask all of our members to participate in the vote. Be curious, ask questions.”
A key concern in many financial institution mergers is the potential loss of local branches. However, according to Celina Philpot, CEO of Conexus Credit Union, the proposed merger would retain all 57 existing branches. Branches here in southeast Saskatchewan include Midale, Arcola, Kipling, Montmartre, and Vibank.
“It’s critically important when credit unions go through mergers, a concern from the membership is, will we lose our local branch?” Philpot explained. “Given we don’t have any overlap and the due diligence that we’ve done and through our business case, (we) recognize that all of the branches can remain and continue to serve their membership.”
Philpot also highlighted how the increased size and scale of the new credit union would enhance Saskatchewan’s presence in the national credit union system.
“This merger would result in us moving from our current position of about 13 or 14 to about the eighth position [nationally],” she said. “To be able to give a broader voice to our members and to have Saskatchewan at the table at the national level gets us into the conversations that will help influence the broader credit union system. And we’re so pleased to be able to represent our members that way.”
The vote is expected to be one of the most significant in the recent history of the province’s credit union sector.