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"Together for a Thriving Saskatchewan"
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 synergies that will create tangible value and benefits for all three organizations.
“Our commitment to Saskatchewan is unwavering," said Conexus Board Chair, Ken Kosolofski. “We believe that through this partnership, we can foster economic growth and support the dreams of individuals, farmers, and businesses across the province.”
Cornerstone Board Chair, Heidi Schofer, echoed this sentiment, stating, “We are incredibly excited to embark on this journey. By uniting our strengths, we envision a credit union that not only meets but exceeds the expectations of our members, employees, and the communities we serve.”
Synergy Board Chair, Neil Carruthers, added, “This potential merger represents a unique opportunity to drive innovation and sustainability. Together, we will be better positioned to tackle competitive and regulatory pressures, ensuring a prosperous future for generations to come.”
The exploration phase involves rigorous due diligence to develop a comprehensive business case, validating the expected benefits across all functions of the credit unions. If approved, the merger will be recommended to the members, who will have the final say in shaping the future of their credit union.
“Our members are at the core of everything we do,” emphasized Glenn Stang, CEO Synergy Credit Union. “Their voice will be instrumental in this process, and we are committed to maintaining transparent communication throughout.”
As the financial services industry continues to evolve, with growing competitive and regulatory pressures and the need for meaningful organic growth, credit unions are increasingly turning to mergers to achieve the necessary scale.
“As like-minded credit unions, we believe our collective deep understanding of local markets across Saskatchewan and strong employee engagement will ensure sustainable and supportive financial operations that benefit everyone involved,” continued Doug Jones, CEO, Cornerstone Credit Union.
The new credit union aims to invest in its employees’ development, preparing them for current and future opportunities. This commitment to fostering a high-performance culture centered on members is foundational to the merger discussions.
“Our goal is to offer a differentiated and modern member experience,” summarized Celina Philpot, CEO, Conexus Credit Union. “Through partnership, we can achieve efficiencies that benefit our members, employees, and the communities we proudly serve.”
Members and the public can learn more about this potential merger by visiting any of the branches or the shared credit union website www.thrivingtogethersk.ca.
About Conexus Credit Union
Conexus has more than 80 years of serving members and giving back to our communities. Conexus manages almost $10 billion in assets and has 886 employees serving more than 141,000 members across 30 locations in Saskatchewan.
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. 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.
About Synergy Credit Union
Synergy is a member-owned financial institution serving over 27,000 members with 12 branches across west-central Saskatchewan. 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.
For more information visit www.thrivingtogethersk.com or click here.
CPP, OAS, and CCB Cheques:
- Delivery of the noted socio-economic payments would be on a monthly basis, in line with the CCB due date. This means that CPP and OAS cheques would be delivered to recipients prior to their due date; given the logistics of planning these deliveries.
Direct deposit payments will be unaffected and deposited on the regular due date for each program.
We want to ensure you’re equipped to access your statement and pay your bills on time through this disruption.
Cornerstone Credit Union is exploring a substantial renovation and investment to their existing branch facility in the city of Melville.
This renovation will include a complete overhaul of our existing branch, featuring modern technology, improved environmental sustainability, and a welcoming environment designed to better serve our members. The updated space will offer advanced digital banking options, expanded financial services and comfortable areas for personalized service.
"At Cornerstone Credit Union, we are committed to the communities we serve. This major renovation is not just an upgrade to our facilities, but a commitment to our members and the city of Melville,” said Doug Jones, Chief Executive Officer at Cornerstone Credit Union. “We are excited to create a space that not only reflects our dedication to innovation, but also fosters stronger connections with the community. Our goal is to enhance the overall experience and support the financial well-being of our members and employees.”
A new design for the Melville branch has been developed, with major updates to the interior layout and exterior facade. Through the creation of the new Cornerstone over these past few years, we are better positioned to make this investment. The next step of the project is the tender phase which will invite local contractors to bid on the renovation work. As a member-owned, community-minded credit union, preference will be provided to contractors from within the local region. The tender phase is tentatively scheduled for November 19 – December 9, 2024.
Providing the tender phase goes as planned and the project proceeds, the renovations could begin in early 2025 and would be expected to conclude by the end of 2025. During the construction period, Cornerstone Credit Union has plans to operate as normal. “While we know there would be some disruption during the construction, we will make every effort to develop a plan that will be the least impactful to employees and members,” adds Jones.
Cornerstone believes that this renovation will strengthen their presence in Melville and further supports their vision to improve the financial well-being of the members, employees and communities they serve.
Cornerstone is committed to sharing more updates as they come available with this exciting project.
Currently, resources and activity for new AgriFoodTech businesses are largely concentrated in Saskatoon and Regina. Cornerstone has announced plans to develop a rural innovation hub in Eastern Saskatchewan after consulting with ag producers and agribusiness throughout the region.
An initial step in Cornerstone’s plan is hiring a Director, Rural Tech Activation. This role will focus on developing the rural AgriFoodTech sector in Eastern Saskatchewan and improving coordination with the emerging ecosystem in Regina and Saskatoon.
“Cornerstone wants to be the go-to resource and trusted advisor for entrepreneurs and agrifood businesses throughout our region,” said CEO Doug Jones. “The director’s role will be to lead that focus, while helping producers navigate change and embrace new technologies for their operations.”
Startup entrepreneurs are attracted to the resources, talent, and funding available in major centres. But fresh new ideas – like our farmers’ crops – need time and space to germinate and grow. And that's where rural Saskatchewan communities come in, Jones said, supported by Cornerstone Credit Union.
Cornerstone's vision is based on its commitment to agriculture and agribusiness members. Additionally, the development of a rural tech hub is a part of the Government of Saskatchewan's Growth Plan 2020-2030.
