Ryan Kiedrowski
Local Journalism Initiative Reporter
The World-Spectator
In November, three Credit Unions announced they were exploring the idea of a major merger. Using the vision statement ‘Together for a Thriving Saskatchewan,’ Conexus, Cornerstone, and Synergy Credit Unions began the process of joining forces to create what could be the largest credit union in the province.
On April 8, the boards of those three entities announced that they are recommending a merger to their more than 201,000 combined members.
“All three boards are really thrilled to formally recommend this merger to our members,” said Conexus Board Chair Ken Kosolofski in an interview with the World-Spectator after the merger was announced. “It’s a great movement in the Credit Union system, and one of the premises that the board has put is that this merger has to put members first.”
Cornerstone Credit Union Board Chair Heidi Schofer echoed that sentiment.
“This merger is about building a provincial credit union that is even more member-focused, sustainable, and competitive,” she 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.”
Neil Carruthers, Board Chair of Synergy Credit Union, said that the merger will enhance member services through increased flexibility.
“A financial institution rooted in co-operative values means that every credit union customer is a member-owner,” he said. “These member-owners provide us with valuable feedback on what matters most to them. Today, we are proud to announce our commitments to members as we move forward with this merger. 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. 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.”
While an official date has yet to be pinned down, Kosolofski is anticipating members in the three Credit Unions will be voting in June. In order to advance further with the merger, a 75 per cent in favour vote from members must be achieved.
“We are engaged in that with all three partner Credit Unions,” said Conexus CEO Celina Philpot, assuring local identity will be retained through the merger process. “That was clearly a concern that members had; that they didn’t want to lose their local presence and that they wanted to deal with the people they were used to dealing with. So we were very pleased to be able to come out as part of one of our 10 commitments is speaking to that local service and that local decision making.”
The three Credit Unions have 57 branch locations in 50 communities. Kosolofski said those branches will remain intact for members.
“I know in some mergers, there’s been concern about, ‘well, you’re just going to merge and close down our branches.’ That is not our commitment here,” he said. “The business case shows that we can continue to have those branches. We will not be closing down any of them as a result of the amalgamation or merger.”
Cornerstone CEO Doug Jones said that profits will remain local but also benefit all members in the merged credit union.
“Our members care deeply about their credit union and their community,” he said. “We believe that partnering is the right choice. A merged credit union will amplify the positive benefits for both members and our communities, with profits staying local. Ultimately, this merger is about building a stronger credit union for everyone involved.”
If a positive vote from the membership happens, the new merged entity could be a reality by January 1, 2026.
“It doesn’t mean we’ll have everything transitioned, signs changed and everything integrated by January 1,” Philpot said. “It’s just that clearance to say we are now a legal entity, and we can move forward to get into the details of many firsts—when the systems will be integrated, when the signs will change, all those kind of things. That’s our legal state, which allows us to work as one. In today’s environment, we have to continue to operate as three separate entities to abide by the Competition Act. They’ve got some pretty strict guidelines to ensure that there’s no competitive advantage being sought as part of this process. So that January 1 date is our legal date, but it will enable us to really get into more of the details when we’re able to operate fully as one.”
The merger will also not affect programs the current Credit Unions offer such as the Cultivator powered by Conexus.
“This would just allow us to provide that complimentary offering to all partners,” Philpot said, adding that they’re “very much committed to continuing.”
Trevor Beaton, CEO of Synergy Credit Union, says he also sees the proposed merger as offering some stability in strange economic times.
The world is full of uncertainties, many of which are beyond our control, yet they significantly affect us—whether through global politics, economic shifts or rapid technological advancements that reshape competition,” he said. “ By joining forces, we will be better equipped to navigate unforeseen challenges and seize new opportunities than we would be on our own.”
One thing some members might be wondering is what the new Credit Union will be named upon completion of the merger.
“That’s going to be something that once the member vote is completed, we will be announcing a CEO and a new member name,” Kosolofski said. “It’s going to be one of the three Credit Unions. The CEO will be from one of the three Credit Unions, and also the name will be from one of the three Credit Unions. But right now, we are not making that announcement. We are still working through that process.”
Leading up to the member vote in June, Kosolofski is encouraging members to reach out with their comments, questions, and concerns about the merger.
“I want our members to be engaged here,” he said. “I want them to be curious. I want them to ask questions. We’ve got all kinds of outlets that can answer those questions, and ultimately, we want them to vote because the credit union system in Saskatchewan has been around for over 80 years. There’s been lots of mergers, but it’s really up to our members to decide that that’s a good thing for this Credit Union.”
Conexus is the largest of the three Credit Unions, drawing on over 80 years of experience, managing more than $10 billion in assets. They have around 900 employees and approximately 144,000 members across 30 locations in the province.
Cornerstone has 15 branches in east-central Saskatchewan with 280 employees and 30,000 members. With $2.7 billion in assets, Cornerstone is a result of Horizon and Plainsview merging in 2021.
Synergy covers the west-central portion of the province through 12 branches that serve 27,000 members and employs 238 people. They handle $2.8 billion in assets, and are currently the fifth-largest credit union in the province.
