(Cam Lee/northeastNOW Staff)

By Cam Lee

Merger proposal

Cornerstone, Horizon, and Plainsview Credit Unions discussing merger

Dec 16, 2019 | 3:43 PM

A local credit union is in merger talks with two additional financial institutions.

Cornerstone Credit Union, with branches in Archerwill, Rose Valley, Tisdale, and Wynyard, is in amalgamation discussions with Horizon and Plainsview credit unions.

Cornerstone Chief Executive Officer (CEO) Doug Jones told northeastNOW many credit unions in Saskatchewan are discussing ways they can work together to make things better for members.

“As these credit unions continue discussions they realize there [are] lots of common values, common strategic priorities, and started to see the benefits of consolidating our businesses,” Jones said. “Gain some efficiency, increase access to advice and service for members and ultimately just make things better for our stakeholders, which ultimately is members, employees and communities.”

Jones said Plainsview Credit Union would give Cornerstone members access to the Regina market for advice and service, especially with kids going to the University of Regina. Horizon Credit Union has branches serving areas including Melville, Grayson, Neudorf, Grenfell and Wolseley.

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“When we look at what all three credit unions are trying to do with investments in technology and enhance advice and service for members, there is strong alignment in what we’re trying to accomplish,” Jones said. “We just believe these three credit unions can get at that better for our members.”

The next step in the merger process is building a more detailed business case, according to Jones. The boards of each of the three credit unions have approved the concept of a merger, but the details surrounding financial benefits, organizational structure have yet to be worked out. Once the business case is laid out, the merger will be taken back to each board for formal approval.

Members in the three credit unions will then have the final say on the merger through voting.

“[We will] have some dialogue with our members over late spring and summer and then if we believe that looks favourable then we’ll consider a membership vote later this fall,” he said.

Should the new credit union be approved, it would be launched in January, 2021.

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cam.lee@jpbg.ca

On Twitter: @camlee1974