Three Sask. credit unions expected to hold member vote on merger in June

Celina Philpot, CEO of Conexus Credit Union and Board Chair Ken Kosolofski. (Wayne Mantyka/CTV News)

Credit unions in Regina, Yorkton and Lloydminster say that after thorough research – a merger between the three financial institutions is being recommended to members.

Conexus Credit Union in Regina, Cornerstone in Yorkton and Synergy in Lloydminster first announced talks of a possible merger in the fall of 2024, at the time saying the move would benefit customers.

A news release from the three institutions says that boards from each credit union involved all recommend a merger, believing that it would create a stronger, more resilient credit union that will remain member focused while upholding shared values.

If approved by members and the regulator, the newly combined credit union will officially launch Jan. 1, 2026, the release says.

A member vote is expected to take place in June.

If a merge were to become a reality the credit unions say they would be able to offer members multiple improvements like modernizing a digital banking experience, competitive with low to no fee options, enhanced lending capacity and profit sharing with members through a modern rewards program among other benefits.

A merger would also mean a total of 57 branches in 50 communities across the province.

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Ken Kosolofski, the board chair of Regina’s Conexus Credit Union said in the release that all three institutions are entering the potential merger from a position of strength.

“There will be many benefits for Conexus, Cornerstone, and Synergy members. Our Boards have confirmed that this merger will strengthen our ability to invest, stay competitive, and continue meeting the needs of members – now and into the future,” he said.

“The headwinds of rising costs, economic volatility, and increasing regulatory demands make it harder to go it alone while meeting evolving member expectations. We are choosing to work together to create a strong community-focused credit union serving both today’s members and future generations,” Cornerstone board chair Heidi Schofer added.

Synergy Credit Union Board Chair Neil Carruthers said the merger would still mean a dedication to serving members in the best way that suits them.

“Whether through their trusted local branches or modern, easy-to-use online tools. Additionally, we reaffirm our commitment to local decision-making, delivering more value to members, and with no overlap, keeping branches open as part of this merger,” he said.

There are currently 32 separate credit unions across Saskatchewan.

More information for members can be found here.