Conexus, Cornerstone, and Synergy Credit Unions Explore Potential Merger

In an exciting new development for Saskatchewan’s financial landscape, Conexus Credit Union, Cornerstone Credit Union, and Synergy Credit Union are thrilled to announce their intent to explore a potential merger. 

This partnership aims to create a stronger, more resilient province-wide credit union that evolves with the changing needs of its members and communities.

Together for a Thriving Saskatchewan, is an initiative driven by a shared vision to combine resources and strategic investments. The Joint Partnership Committee, comprising of representatives from each credit union, has been established to explore the synergies that will create tangible value and benefits for all three organizations.

Our partnership is committed to exploring how we can collectively provide personalized financial solutions and advice that exceed member expectations, fostering a thriving Saskatchewan where current and future members can achieve their personal financial goals. We’ll be a trusted partner, championing innovations and ensuring continued sustainability to ensure a prosperous future for generations to come.

We look forward to this promising journey ahead, as we strive to create a credit union that goes beyond financial services, becoming a catalyst for economic growth and a thriving Saskatchewan.

Combined, we see opportunities through a merger where:

We will cultivate member relationships that foster loyalty and trust by being a true partner to members and fiercely competitive within our financial services industry, offering a breadth of modern products, services, and advice beyond deposits and loans.

We will be the financial services partner of choice to ensure the success of the agriculture, entrepreneurial and small and medium-sized business economic engine of Saskatchewan.

We will create the capacity for reinvestment toward innovation, necessary to remain sustainable in the long-term, while ensuring an efficient operation.

We will have the capacity to materially impact the social issues and economic well-being within our Saskatchewan communities.

We will have the financial strength to offer a relevant member loyalty program and embrace more creative and higher risk business opportunities and models to the benefit of our members and employees.

We will be more resilient to meet the growing requirements for risk management including cyber security, open banking, payments modernization, and regulatory environment.

We will have a diverse and inclusive workplace that retains and attracts talented employees committed to strong personal performance, strategic outcomes, aligned to our values, and committed to delivering an exceptional member experience.

Why Merge?

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.

Through partnership, we aim to combine our resources and strategic investments to offer a differentiated and modern member experience, while gaining efficiencies that will benefit our members, employees, and the amazing communities we serve across Saskatchewan.

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.

Together for a thriving Saskatchewan!

Benefits

Benefits for Members

Enhanced convenience across the province.

With branches across Saskatchewan, members will benefit from greater convenience and accessibility to advice and services no matter where they are.

Enhanced member experience.

We are dedicated to truly understanding each member’s unique financial journey. Our commitment to personalized service means that we offer proactive, needs-based advice tailored to individual goals and preferences. By leveraging our deep knowledge of the Saskatchewan economy and local businesses, we provide solutions that are not only right for our members but also available where, when, and how they need them.

Enhanced digital experience.

We will have greater capacity to invest in technology to continuously improve the self-serve, digital banking experience to better serve our members when, where and how they want.

Competitive rates and fees.

By becoming more cost-efficient through scale, we will continue to offer competitive rates and fees to our members.

Increased investment in communities.

By combining resources, the merged credit union will have a greater capacity to invest in our communities and fulfill its purpose to make a meaningful difference in the lives of our members.

Customized product and service offerings.

With increased scale, we will have more ability to customize and tailor our offerings to meet the needs of our members and differentiate us from our competitors.

We are local.

We know Saskatchewan and are a part of the communities where our members reside. We pride ourselves in being able to make decisions locally to support the needs of our members.

Benefits for Employees

Career growth & professional development opportunities.

There will be opportunity for employees to develop their careers over a broader network, with more variety in roles than available today. The new credit union will operate in a distributed way allowing individuals to work across the province, not necessarily needing to relocate.

Enhanced employee experience.

We will continue to recognize the unique value each employee brings, fostering a culture of purpose, respect, and continuous learning.

Ability to retain and attract talent.

We will be able to attract, develop and retain talent with specialized skills to strengthen the new credit union’s operations and provide a breadth of advice, solutions, and services to our members.

Enhanced efficiencies.

Employees will be equipped with better tools to perform their roles through the efficiency gained by sharing costs to drive improved processes, invest in modern technology and leverage broader expertise.

Benefits for Communities

We are local.

Our leadership and governance will remain accessible to the membership. Our members and communities are still at the core of everything we do.

Enhanced support to local communities.

By combining resources, the new credit union will have more capacity to invest in community initiatives, enable provincial economic growth and support local development.

Stronger financial foundation.

The new credit union will launch with a strong balance sheet and a diversified portfolio, allowing for investment in technology, services, products and advice that deliver a differentiated and modern experience for members for generations to come.

Commitment to a thriving Saskatchewan.

The new credit union will focus on contributing to a thriving Saskatchewan, further strengthening the communities it serves.

About Us

More about the Partner Credit Unions

About Conexus Credit Union

Conexus was established in 1937 as the Regina Co-operative Savings and Credit Union. In 1945, it became the Sherwood Savings and Credit Union and in 2003, Sherwood merged with Moose Jaw and Assiniboia credit unions to form Conexus Credit Union. In 2006, Conexus merged with Prince Albert, Heartland, and Moosomin credit unions, forming Conexus Credit Union 2006.

Today, Conexus manages almost $10 billion in assets and has 886 employees serving more than 141,000 members across 30 locations in Saskatchewan. Of these members, over 97,700 are active digital banking users.

Our commitment to the community remains unwavering, contributing 5% of our pre-tax dollars back into Saskatchewan. We have placed a strategic focus on multi-year partnerships that allowed us to build long lasting relationships and have a bigger impact in key areas such as education, financial literacy, food security, health services, shelter, and capital projects.

About Cultivator powered by Conexus

Cultivator was built to dismantle barriers faced by innovative Saskatchewan startup tech companies. Cultivator is Canada’s first credit union led tech incubator, helping local startups launch, grow and scale their companies. Since launching in 2019, Cultivator has incubated and provided programming, investors, resources, mentorship and space to 173 companies with over $155 million of private capital raised, 57 female-founded companies supported, and approximately 570 jobs created.  Located in Conexus’ head office building in Regina, Cultivator uses 15,000 square feet of the space including working space for founders and teams, a pitch space, and connection to the Darke Hall.

About Conexus Venture Capital Inc.

Conexus Subsidiary

Conexus Venture Capital Inc. was built to fill a funding gap in the local tech ecosystem. In 2017, Saskatchewan startups received less than 0.5 per cent of all venture capital funds deployed across Canada. Knowing our province’s startups were being overlooked, we sought ways to fill this funding gap. Since Conexus Credit Union launched Conexus Venture Capital Inc. in 2019, we have facilitated the investment of $66 million into helping businesses grow, including 13 based right here in the province as a commitment to entrepreneurs and the local economy.

About Thrive Wealth Management

Conexus Subsidiary

Thrive Wealth Management (Thrive) expands our range of services by offering members access to best-in-class wealth management products and services. With a focus on the unique needs and goals of each client, the accredited team of Advisors and Specialists delivers tailored financial guidance with expertise and confidence, managing nearly $2.25 billion in funds, right here in Saskatchewan. Alongside Conexus, Cornerstone Credit Union plays a pivotal role in Thrive’s success, by working closely with the Thrive team to provide exceptional wealth management services for its members.

About Cornerstone Credit Union

Cornerstone is the product of many mergers over the years, with the most recent in 2021 with Cornerstone, Horizon and Plainsview credit unions. Operating since 1941, we have a long history of supporting the success of our individual members, farmers and small business owners that continue to thrive in our rural communities. We offer solutions to the challenges faced by farmers, businesses, entrepreneurs, and aspiring tech innovators living and operating in the rural areas we serve.

Cornerstone has over $2.5 billion in assets with 15 branches within East-Central Saskatchewan. Cornerstone Credit Union serves over 30,000 members and has an employee base of 280. We have approximately 18,600 of our members that transact with us through digital banking.

Community investment is rooted in our organization and our culture. More than giving back, we aim to help our communities grow. Cornerstone invests approximately 3% of pre-tax profits back into our communities through donations and sponsorships. This total includes funding to Project Cornerstone, our application-based program to fund capital projects of benefit to the community. In addition, our employees logged over 7,120 hours of their own personal time and countless hours of corporate time volunteering for local community groups, organizations and events.

Rural Tech Activation Initiative

Cornerstone looks to serve as a catalyst for new rural tech innovation by seeking out individuals with novel tech ideas and offering them practical assistance in the early stages of their entrepreneurial journey. In doing so, Cornerstone aims to empower rural innovators with the opportunity to pursue their dreams, while simultaneously creating a thriving rural tech ecosystem.

Cornerstone’s Rural Tech Activation Initiative aims to play a pivotal role in driving ag-tech adoption and implementation throughout Saskatchewan’s agricultural sector through a series of initiatives designed to promote education, collaboration, and access to the resources that farmers and agri-business need to succeed. In doing so, Cornerstone aims to empower our farm communities with the knowledge, tools, and support needed to thrive in an increasingly technological and digital environment.

About Synergy Credit Union

Synergy Credit Union’s story began back in 1943, when we opened as Lloydminster Savings and Credit Union Ltd. Right from the start, Synergy was built on co-operative values and the seven co-operative principles—values that still set us apart today. These principles give hard-working people more than just a financial institution; they make our members owners, not just customers. We’re committed to putting them first and supporting sustainable growth in the communities we serve.

On January 31, 2007, our members voted to rename us Synergy Credit Union Ltd., reflecting our commitment to working together for a brighter future and better communities.

Today, we’re a member-owned financial institution serving over 27,000 members across west-central Saskatchewan, with 12 branches and more than 18,500 members who regularly use our digital banking services. As the fifth-largest credit union in Saskatchewan, we have 238 employees and manage over $2.5 billion in assets, standing tall among Canada’s leading credit unions.

Community is at our core. We invest 5% of pre-tax dollars back into local communities through our Synergy Shares program, funding carefully selected (capital) projects that make a real difference now and in the future. On top of that, Synergy returns 20% of pre-tax dollars to members through our Profit Shares Program. In 2023, our team logged an impressive 8,382 volunteer hours—a true reflection of our dedication to the communities we serve.

Locations

Where you can find us.

The new credit union will have branches located throughout Saskatchewan as indicated on the map below. We believe that local credit unions should understand their members and communities better than any other financial institution.

Legend

Synergy

Conexus

Cornerstone

FAQs

Why are you considering a 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.

Why are these three credit unions coming together?

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.

What’s in it for me as a member?

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.
What’s in it for our communities?

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!

How will employees benefit?

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.

Conexus is one of the largest credit unions in Saskatchewan; I feel like my credit union would be swallowed up. Is that what’s happening?

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.

Are you trying to be like a big bank?

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.

What happens if we don’t merge right now?

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.

What happens if one of the partners votes no?

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.

What approvals have to happen for the merger to move forward?

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 approved, when will this merger be effective?

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.

Who will govern the new credit union?

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.

What would the name of the new credit union be?

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.

Who will the new CEO be?

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

Where will the registered office be?

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.

Will employees be impacted?

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.
Will you close branches because of this merger?

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.

How can I find out more about this partnership and the process?

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!

Timeline

November 2024 to March 2025

Intent to Explore

November 2024 to March 2025
April 2025 - June 2025

Recommendation

A business case will be developed and presented to the Boards of Directors for approval by April 2025. If the business case is approved, a recommendation of merger will be presented to members.

April 2025 - June 2025
June 2025

Member Vote & Results

If the recommendation is to proceed with a merger, members of all three credit unions will have the final say in shaping the future of their credit union through a member vote.

June 2025
Dependant on Vote

Regulatory Approvals

We require consent from the provincial regulator and clearance from the Competition Bureau to proceed.

Dependant on Vote
January 1, 2026

Merger

If approved, the new credit union will take effect January 1, 2026.

January 1, 2026

Quotes from current Board Presidents

The new credit union will have branches located throughout Saskatchewan as indicated on the map below. We believe that local credit unions should understand their members and communities better than any other financial institution.

Name, Detail

The new credit union will have branches located throughout Saskatchewan as indicated on the map below. We believe that local credit unions should understand their members and communities better than any other financial institution.

Name Detail

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