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Three Saskatchewan credit unions are recommending a merger to their members.
On Tuesday, Conexus, Cornerstone and Synergy credit unions made a joint announcement, saying their boards unanimously approved the recommendation to merge. The decision will now go to the union’s members, with a vote expected to happen in June.
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If the merger goes ahead, the new credit union will be the largest in Saskatchewan and one of the largest in Canada, with more than 200,000 members based in the province and $15 billion in assets under management.
“We believe that by working together, we will create a stronger, more resilient credit union that remains member-focused and upholds our shared values,” the three unions said in a joint statement.
The credit unions said merging would allow them to share profits with members while keeping rates and fees competitive, ensure sustainability over the longer term, and allow for investments in new technology and let them continue to invest in local communities.
No locations would be closed if the proposed merger goes ahead, the three credit unions noted.
“This merger is a proactive step forward to keep money in our members’ pockets while securing a strong future for our credit union,” the three credit unions added.
If members approve the merger, the newly combined credit union would launch on January 1, 2026, subject to regulatory approval.
“This merger is about building a provincial credit union that is even more member-focused, sustainable, and competitive,” Heidi Schofer, board chair for Conerstone Credit Union, said in a statement.
“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.”
Ken Kosolofski, who chairs the board for Conexus Credit Union, said all three unions are coming to the merger “from a position of strength.”
“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,” Kosolofski added.
“We remain dedicated to serving members in the way that suits them best—whether through their trusted local branches or modern, easy-to-use online tools,” added Neil Carruthers, chair of the board for Synergy Credit Union.
“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.”
