Contribution to Community

In 2021, Conexus donated $1.9 million and supported 56 organizations across the province such as Habitat Saskatchewan, STARS, Lung Association, Do More Ag Foundation, and many more. In addition, last year we also waived over $190,000 in banking fees for non-profit and charitable organizations.

It doesn’t just stop at monetary donations, Conexus donates time and expertise to communities through our financial literacy partnerships with organizations like the WHL, and SJHL hockey teams, Food banks, Prince Albert Literacy Network and READ Saskatoon. Plus, through the Each One Teach One program led by the Canadian Credit Union Association, last year we delivered 49 financial literacy workshops virtually across the province using straight-forward and clear language.

Below is a video highlighting how we’re building the credit union of the future through innovation, thinking differently and leadership and how all of these come together to support our communities in Saskatchewan now and well into the future.

Cultivator

Over the past 3 years, Cultivator has seen tremendous growth. It provides space, resources, mentors, programming to local tech startups – to make sure they start off on the right foot, get the right support to help them launch, grow and scale right here in Saskatchewan. Highlights include:

  • Has supported over 80 companies
  • Raised $22.8 million in private capital
  • Secured $23.1 million in government funding
  • Created over 300 jobs and $14 million in revenue.
We’re committed to helping companies and see those stats and list of highlights get even longer.  Ultimately, building companies and creating jobs leads to a strong Saskatchewan and therefore a vibrant credit union.  If you’re interested in learning more, click here.

Conexus Venture Capital

In 2019 we launched Conexus Venture Capita with a mission to connect local capital to local founders and in turn contribute to economic growth for our province. Currently, we operate and invest in 2 funds, our first fund CVC Fund #1 and Emmertech.

Launched in 2019, CVC Fund is a $32 million fund with investors all from Saskatchewan, including other credit unions, business leaders and a Saskatchewan-based private equity fund.  Some of the companies the fund has invested in include:

  • SalonScale
  • 7Shifts
  • Callia Flowers
  • ServiceBox
The fund performance is experiencing unprecedented levels of success for founders, investors, our communities, and Conexus. Since launching, it has seen a 38% rate of return and is performing in the top quartile of North American venture capital funds.

Our second venture capital fund Emmertech, was launched in 2021 and is a $60 million fund focused on supporting Agtech companies. Investors are from across Canada, including: credit unions, individuals and companies within the ag industry, and $15 million from Innovation Saskatchewan. While this fund is focused on supporting agtech across Canada, there is a commitment to invest $15 million right here in Saskatchewan-based companies.

In 2021, our Cultivator, Economic Development Regina and Emmertech partnered together and launched the Agtech Accelerator – a new Cultivator program. The new Agtech Accelerator Program provides companies with resourcing, programming and funding needed to cultivate these companies and build Saskatchewan as a global Agtech hub.

Awards

Our investments and what we are doing has led to recognitions from across the country and by our peers. The Credit Union is being noticed for its innovation and doing what’s right for our members and communities.

Below is a video highlighting the awards we’ve received, a reflection of the work that our teams do in serving our members and their communities.

Member First

We’re working to make banking more simple, human, transparent – creating relationships that our members can trust. In 2021 we remained focused on our purpose – improving the financial well-being of our members and communities.  Central to this is providing advice, but we know that advise is not just done in person, because banking is no longer a place you go, but a thing you do through many channels, including online, mobile apps, phone and of course in person.    

In line with that direction, during the year we made investments in how we provide advice, our data and analytics capabilities, and technology – all with an underlying purpose to help members feel connected with their money and feel supported with their financial wellness regardless of the channel they use.

Some of the new products and services we successfully launched in 2021 for members include:

  • The Open Anywhere portal allowing potential members to enjoy the convenience of applying for membership and opening a No Fee Account online
  • Created 2 new mortgage solutions – Flex Feature Mortgage and Value Mortgage – to fit our members’ needs
  • Expanded Member Contact Centre hours – so we’re available to you when you need us, including on statutory holidays
  • Introduced Google Pay & Samsung Pay for our Conexus Mastercard Members
  • Launched Smart Controls for Conexus Mastercard – allowing you more control and the ability to protect your credit card and its activities
At Conexus, we’re continually looking at ways we can serve you, when and where you need us.

Thrive

Wealth management is a vital part of Conexus and how we support members with their financial well-being. In 2021, Thrive Wealth Management became a wholly owned company of Conexus.  This allows Conexus and Thrive to work together as advice-based teams, providing our members with financial advice focusing on their future goals and tailoring advice specific to them. This now further enables seamless information and introductions between Conexus and Thrive so members are never lost in the shuffle. And we’re doing this all while maintaining our credit union values.

Financial Results

In 2021, the credit union experienced overall slower growth relatively to pre-pandemic levels due to prevailing economic conditions and the continued uncertainty of COVID-19. Overall deposit growth was strong as members increased savings and loan growth declined as members either paid down debt or deferred additional purchases to ensure resilience in their financial health.

Conexus' total comprehensive income ended the year above $31 million, an improvement of $12 million over 2020, and in line with pre-pandemic levels. This contributed to a strong capital position of the credit union, ending the year well above the regulatory requirements and internal targets - enabling future growth and investment in the credit union to meet the needs of our members.

Click here to read the full report on the consolidated statements on our website.

Board of Directors Update

As announced April 5, Adam Hicks, Kathryn Pollack, Nicole Fitzpatrick and Ran Narayanasamy were elected to the Conexus Board of Directors. Their terms began at the end of the April 5 meeting.

We would like to thank the outgoing directors Sandi Kitts and Kara Marchand, for their service and dedication to the Conexus board. Each of these individuals, over their 6 years of service, demonstrated their passion and dedication in their oversight role as a director. During their tenure Sandi and Kara contributed to decisions made by the board that will have a lasting impact to the future of Conexus.  

Conexus is available year-round to answer questions. Click here for the list of ways you can reach us.