Conexus, Cornerstone, and Synergy Credit Unions Explore Potential Merger

Exploring this partnership between Conexus, Cornerstone and Synergy Credit Unions is about creating a stronger, more resilient province-wide credit union that continues to evolve with the changing needs of our members and communities.

Due to increased competition, regulatory pressures, and the opportunity for meaningful organic growth, credit unions in Canada are increasingly turning to mergers to achieve the necessary scale.

Together, we’ll learn how we can best address future investment needs, meet specialized resource demands, and tackle competitive and regulatory pressures, to ensure a sustainable credit union for the long-term.

We believe merging our collective strengths has the potential to drive economic growth, further empower communities, and support the dreams of individuals, farmers and businesses across the province.

A concept such as this new credit union starts with strong alignment of values and strategic priorities at the Board of Director and Management level.

There is continuous dialogue amongst credit unions in Saskatchewan and as dialogue continued between the Board and Management of Conexus, Cornerstone and Synergy Credit Unions, the alignment became very evident.

We believe the potential partnership will benefit all stakeholders – members, employees and communities – which is why we have decided to move forward with a business case.

Our shared goal is to partner to create a stronger, more resilient province-wide credit union that continues to evolve with the changing needs of our members’ and communities.

Together we believe we can deepen member relationships, offer a differentiated and modern member experience, and continue to be our members financial services provider of choice.

Some of the direct benefits we believe members will receive include:

• Enhanced convenience and accessibility across the province.
• Enhanced digital experience through greater capacity to invest in technology serving you when, where and how you want.
• Continuing competitive rates and fees through cost-efficiencies and scale.
• Greater capacity to invest in communities through shared resources.
• Customized and modern product and service offerings with the ability to differentiate and tailor our offerings to meet the needs of our members.

We will be a catalyst to drive economic growth in Saskatchewan. The potential new credit union will focus on contributing to Saskatchewan’s economic prosperity, further strengthening the communities it serves.

We are committed to Saskatchewan. We are proud to live and work in the communities we serve. We will continue to support our communities through sponsorships, donations and volunteerism.

By combining resources, we believe the potential new credit union will have more capacity to invest in community initiatives, driving provincial economic growth and supporting local development.

We will help Saskatchewan thrive!

The combined credit union is committed to fostering a high-performance culture centred on our members and driven by innovation.

Some of the direct benefits we believe our employees will receive, include:

• Greater opportunity for career growth and professional development through access to a broader network, with more variety of roles.
• Increased ability to retain and attract talent with specialized skills to strengthen the credit union’s operations.
• Enhanced employee experience by continuing to recognize the unique value each employee brings, fostering a culture of purpose, respect and continuous learning opportunities.
• Access to better tools to perform their roles and sharing costs to drive improved processes, invest in modern technology and leverage broader expertise.

All industries have been impacted by technology, including banking. As the financial services industry continues to evolve, our new credit union will be committed to invest in our employees’ development to prepare them for current and future opportunities, ensuring they are equipped to support our strategic goals.

We are all strong credit unions today and while Conexus is the largest, we expect important contributions to be made by all three credit unions as we build a new credit union. We are all committed to continue empowering local leadership to make decisions needed to support their members.

On our own, we would still each need to determine how to best address future investment needs, meet specialized resource demands, and tackle competitive and regulatory pressures, to ensure a sustainable credit union for the long-term.

Together, as like-minded credit unions, we believe that we can build a stronger, more resilient province-wide credit union that continues to evolve with the changing needs of our members and communities.

Even though there is a size difference between the three credit unions exploring this merger, the challenges we each face are similar.

No matter how much we grow, we will remain a member-owned co-operative financial institution, driven by our values and committed to fostering a thriving Saskatchewan. This is a big part of what makes us different.

We know Saskatchewan and we are a part of the communities we serve. We pride ourselves in being able to make decisions locally to support the needs of our members. Our leadership and governance will remain accessible to the membership. Our members and communities are still at the core of everything we do.  

 We believe growing in size and scale will help us best address future investment needs, meet specialized resource demands, tackle competitive and regulatory pressures, and drive organic growth to ensure a sustainable credit union for the long-term.

We are all strong credit unions today. 

On our own, we would still each need to determine how to best address future investment needs, meet specialized resource demands, and tackle competitive and regulatory pressures, to ensure a sustainable credit union for the long-term.

We believe exploring this merger is the strongest path forward.

Depending on which credit union, there can be different outcomes. 

The credit unions have all agreed that Conexus Credit Union is key in creating the scale desired to achieve the common goals and provincial aspirations to drive economic growth in Saskatchewan. 

This means that there must be a favourable vote by the membership at Conexus and at least one other credit union partner in order for a merger to proceed; the merger would proceed with the two who vote in favour.

There are multiple approval points:

1.  Recommendation – the Boards of the credit unions must first approve the business case validating the tangible value and benefits for all three credit unions. 
2.  Member Vote – the members of Conexus Credit Union and at least one other credit union partner must have 75% majority support obtained from the eligible members who choose to vote.
3.  Regulatory approval – we require consent from the provincial regulator and clearance from the Competition Bureau to proceed.

If recommended by the three Boards and approved by members and regulators, the anticipated date for the new credit union would be January 1, 2026.

The new credit union will continue to be governed by a Board of Directors.  The inaugural Board will include 12 Directors selected from the three existing credit union Boards based on experience, skills, competencies and diversity.  It is recommended that the new Board will be comprised of six directors from Conexus and three each from Synergy and Cornerstone credit unions.

Following the creation of the inaugural Board, future elections will be held on an at-large basis and selected by the membership through a member vote.

In consultation with all three Boards, it is recommended that the name of the new credit union will be selected from the existing credit unions.

In consultation with all three Boards, it is recommended that the new CEO will be selected from the existing credit unions.

Credit unions in Saskatchewan are required to have a registered office in Saskatchewan. The Board of the credit union may change the address of the registered office at any time.

Due to the convenience of its location, Conexus’ current corporate office in Regina will be the registered office to meet the requirements of the Credit Union Act. This office is located at 2375 College Avenue, Regina.

The merged provincial credit union is intended to operate on a distributed basis without a formal “head office,” enabling executives and other employees to continue contributing to the merged credit union without the need to relocate.

The potential new credit union structure and employee resource requirements for that structure will be part of the business case. We do know when it comes to employment, the Boards of all three credit unions have recommended the following principles for the new credit union:

• Recognize the unique value each employee brings, fostering a culture of purpose respect and continuous learning.
• Commit to transparent communication and provide a workplace that is safe, inclusive and diverse.
• Invest in our employees’ development to prepare them for current and future opportunities, ensuring they are equipped to support our strategic goals.
• Value employee engagement, we will routinely collect and review feedback to continuously improve our workplace.
• Foster a culture of innovation: encourage creativity, collaboration and risk-taking to drive continuous improvement and meet the evolving needs of our members.
• Embrace innovation and flexibility, using technology and strong communication to support a distributed workforce.
• Ensure our employees understand their critical role in supporting Saskatchewan’s prosperity and the social well-being of our communities.

The answer to that is the same as it is today. We review all our operations on a regular basis to ensure we are evolving with our members’ needs.

The three credit unions have collaborated on this microsite.

This site was designed to keep both employees and members up to date, every step of the way. On this site you will find the latest information, timelines, key messages, Q&A’s, and more!