Conexus Credit Union in La Ronge. (photo/ Conexus)

By Kenneth Cheung

'TOGETHER FOR A THRIVING SASKATCHEWAN'

Merger between three Sask. credit unions means changes, better services for members

Jul 11, 2025 | 10:36 AM

Three Saskatchewan credit unions say a planned merger will help them serve members better by investing more in technology and offering expanded services, but some changes are likely coming for clients as they combine operations over the next year.

Conexus, Synergy and Cornerstone credit unions plan to merge into a single provincewide institution with about 57 branches in 50 communities, roughly 200,000 members and about 1,400 employees.

Celina Philpot, CEO of Conexus, said the merger is designed to help meet rising expectations for digital banking while keeping local service strong.

“Bringing our talent together, our capital, to be able to better serve our members,” she said. “We really want to stand out from a member experience so we can be that really strong alternative to the chartered banks in the province.”

Members voted in favour in June, with 87.5 per cent support at Conexus, 86.5 per cent at Cornerstone and 88.7 per cent at Synergy. The new credit union is expected to launch Jan. 1, 2026, with about $15 billion in assets under management.

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Philpot said members can expect more information in the months ahead through the merger website at thrivingtogethersk.ca.

“We’re very mindful of the impact that will have on the employees as well as the members,” she said. “Whatever those impacts are, we’re trying to minimize those as much as possible.”

While no major changes are expected immediately, integration work will continue through next year as the three credit unions combine accounts, systems and staff.

Ken Kosolofski, board chair of Conexus, said the merger is needed to keep up with costs and deliver new services members want.

“The financial industry is primarily a scale business now,” he said. “ Technology requires a huge investment, so we felt that together we can do these types of investments a lot more effectively and efficiently.”

He added the merger will ensure profits and decision-making stay local.

“It’s going to be a good competitive financial institution and it’s going to be [a] community-focused Credit Union supporting members not only for today, but also for tomorrow,” he said.

A business integration team, made up of board members from all three credit unions, is working to finalize the new name and appoint a CEO. The merged credit union will have a 12-member board, with six directors from Conexus, three from Cornerstone and three from Synergy.

It has made 10 public commitments to members, including staying competitive with low to no-fee options, offering modern banking tools and investing in local communities.

The ten public commitments. (screenshot/thrivingtogethersk.ca)

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Kenneth.Cheung@pattisonmedia.com