Media Release

FOR IMMEDIATE RELEASE

MARCH 23, 2023

Conexus Credit Union showcasing consistent financial performance

Conexus 2022 Annual Report is now available

(Thurs., March 23, 2023 – Regina, SK) – Conexus Credit Union (Conexus) has released its 2022 Annual Report and financial statements, highlighting a consistent year of growth and financial stability. The report, which covers the period from Jan. 1 to Dec. 31, 2022, expands on Conexus’ commitment to providing an exceptional experience and investment into members and communities, and includes a detailed analysis of Conexus’ financial and operational performance during the year as well as insights into its strategic priorities and future outlook.

“Results for 2022 were consistent with the previous year as we experienced solid net membership growth, despite the ongoing challenges presented by the COVID-19 pandemic, rising interest rates, and climbing inflation,” said Celina Philpot, CEO, Conexus Credit Union. “As a member-based financial institution, we are uniquely attuned to how our members are weathering these challenges, and we continue to adjust how we do business to ensure Conexus remains a financially strong, sustainable credit union.”

Highlights of the 2022 Annual Report and financial statements include:

• As economic recovery from the pandemic was slow and cautious, Conexus’ financial results reflected this. Members favoured paying down existing loans, rather than taking on additional debt, as interest rate rose.

• Conexus managed a total of $9.18 billion in total assets, including $2 billion in wealth management and over $5 million in loans, consisting primarily of stable, low-risk consumer residential mortgages.

• Deposits experienced moderate growth, ending 2022 at $5.59 billion. Members continued to default to the safety of demand deposits and looked to maintain high liquidity to counter the ongoing economic uncertainty and rising interest rate environment

In 2022, Conexus continued to evolve and adapt as new opportunities and challenges presented themselves. Teams took on several different projects and activities including:

• Investing $1.79 million back into the community through Conexus’ Community Investment Program. Which is a continuation of enhancing the quality of life and economic well-being of our members and the community.

• Building and delivering a new website and digital banking platform, which was rolled out in March 2023.

• Implemented a data warehouse in the cloud to be able to leverage the tools and speed necessary to better serve its members.

• Implemented several enhancements such as improved processes for Mastercard approvals and developed several new training programs for employees to enhance their knowledge of investments, mortgages and more.

In 2022, the Conexus Board of Directors also took on the recruitment and hiring of a new CEO. After a robust CEO recruitment process, the Board announced Celina Philpot as the new CEO in September 2022.

“On behalf of the Conexus Board of Directors, I’m excited to welcome Celina to Conexus and Saskatchewan,” said Mark Borgares, Conexus’ Board Chair. “The entire Board is delighted with Celina’s community focus, action orientation, ability to empower teams, and her passion for credit union members. All of this, combined with her 25 years of experience in the credit union system, give us the utmost confidence in Celina’s leadership of Conexus.”

“I am honoured and humbled by the opportunity to lead Conexus now into the future,” said Philpot. “As we look forward into 2023, we will continue to focus on delivering our purpose of improving the financial well-being of our members and communities, as we seek to grow and continuously improve our operations and the services we provide."

When it comes to growth, Philpot said the credit union will blend modern banking experience with authentic human connection to help members reach their financial goals. To create efficiencies, Conexus plans to improve its data management and reduce friction while serving members, ensuring members have a seamless, intuitive experience across all of Conexus channels. “We know that Conexus is an integral part of our province, and by keeping our members top of mind and improving their financial well-being, we will help drive the economic and social strength here in Saskatchewan,” said Philpot.

To view the 2022 Annual Report and financial statements, click here. Want to get involved? Conexus members have the opportunity to vote to help determine the elected board of directors and guide the future. Voting is open till March 27. Additionally, they may register to attend the Conexus Annual General Meeting (AGM), held virtually on Tuesday, April 4.

- 30 -

For media inquiries, please contact:

Conexus Media Relations
Phone: 306-751-8201| Email: publicrelations@conexus.ca

ABOUT CONEXUS CREDIT UNION

Conexus is a forward-thinking, innovative credit union committed to improving the financial well-being of our members and communities. We do this by creating simple, personal, and empowering experiences for our members that are transformational, not just transactional. We are one of Saskatchewan’s largest credit unions and being connected to our communities across the province is a commitment we have upheld for the last 80+ years. As a local co-operative, our profits are returned to our members through our rates, no-fee accounts, community investment and more. Visit Conexus.ca for more information