Credit unions in Saskatchewan mulling a possible merger

By Medicine Hat News on November 21, 2024.

Three credit unions in Saskatchewan are discussing a potential merger.

The Conexus, Cornerstone and Synergy credit unions made the announcement on Wednesday, stating that a joint committee will explore a potential $15-billion combination.

“We believe that through this partnership, we can foster economic growth and support the dreams of individuals, farmers and businesses across the province,” said Ken Kosolofski, board chair of Conexus.

It is the largest of the three potential partners, with $10 billion in assets, 886 employees and 141,000 member.

Cornerstone has 15 branches in east-central Saskatchewan, 30,000 members and 280 employees.â€¯

Synergy, which has a branch in Kindersley, has 27,000 members in west-central Saskatchewan.

Synergy chair Neil Carruthers said “this potential merger represents a unique opportunity to drive innovation and sustainability” that would be “better positioned to tackle competitive and regulatory pressures.”

The committee will evaluate the impact on all three partners and then put to members for a decision.