Credit Union Merger.
We are thrilled to share that January 1 was the legal amalgamation date of Conexus, Cornerstone and Synergy Credit Unions, but integration takes time.
Think of this as the start of the journey – we are “merging”, not fully merged yet. This is an exciting chapter for all of us — one built on decades of shared cooperative values, community focus, and a commitment to putting you, our members first. For now, it’s business as usual and we’ll keep you informed well in advance of any future changes or enhancements.
What this means for you
- Business as usual: Your accounts, cards, cheques, digital banking, and access to services stay the same. You will continue to deal with your legacy credit union while we work to bring together our teams, systems, products, services and operations.
- Same branches, same people: You’ll continue receiving service from the same locations and working with the same friendly faces you know and trust. This includes reaching out to your regular advisor or contact centre as you do today.
- Products & services: For now, you’ll continue using the products and services you have today with your legacy credit union. We will align our products and services as part of our integration, and we will keep you informed every step of the way.
- Legal notice: Effective January 1, all interactions and services will be with the new legal entity, Conexus Credit Union. While branch signs and logos on forms will remain unchanged for a while, you’ll receive a formal acknowledgment of the new name whenever you visit a branch, use online or digital banking, or open an account, loan, mortgage, or investment.
A merger that puts you first!
Our top priority in this merger is you, our members! Here is what this will mean for you:
- Modern digital banking experience.
We will prioritize investment in our digital banking, adding new functionality to deliver an experience that is easy, secure, and offers convenient access.
- Branch network.
Our combined network has no overlap, allowing us to be sustainable without closing locations as part of this merger. We will serve Saskatchewan with 57 branch locations in 50 communities - giving you more ways to bank where, when, and how you want.
- Competitive with low to no-fee options.
We will offer low to no-fee options that are accessible to all while still offering competitive rates and fees.
- Profit-sharing with our members.
We will share our profits through a modern rewards program - putting money back in our members’ pocket.
- Local service and local decision-making.
Your trusted advisors remain local—local people, serving local members. Decision-making will remain rooted in the communities we serve.
- Enhanced lending capacity.
We will have increased financial capacity so as your farm or business grows, we will grow with you!
- Specialized expertise.
We will expand access to specialized expertise like wealth management, estate services and mobile mortgage specialists.
- Personalized service and modern offerings to meet diverse needs.
Our team will be empowered with the required technology and insights to provide proactive, needs-based advice and solutions tailored to your financial goals.
- Our profits stay local.
Our profits stay local, with 5% of pre-tax earnings reinvested into our local communities further strengthening Saskatchewan. We remain committed to making a positive impact through sponsorships, volunteering and community support.
- Committed to employees.
The merger will create new opportunities for current and future employees. We’re committed to retain engaged team members, invest in career development, explore new growth potential, and be a top employer in Saskatchewan.
Why merge?
This partnership between Conexus, Cornerstone and Synergy Credit Unions is about creating a stronger, more resilient province-wide credit union that continues to evolve with the changing needs of our members and communities.
Due to increased competition, regulatory pressures, and the opportunity for meaningful organic growth, credit unions in Canada are increasingly turning to mergers to achieve the necessary scale.
Together, we’ll learn how we can best address future investment needs, meet specialized resource demands, and tackle competitive and regulatory pressures, to ensure a sustainable credit union for the long-term.
Through partnership, we aim to combine our resources and strategic investments to offer a differentiated and modern member experience, while gaining efficiencies that will benefit our members, employees, and the amazing communities we serve across Saskatchewan.
We believe merging our collective strengths has the potential to drive economic growth, further empower communities, and support the dreams of individuals, farmers and businesses across the province.
Together for a thriving Saskatchewan!
Opportunities available with this merger:
- We will cultivate member relationships that foster loyalty and trust by being a true partner to members and fiercely competitive within our financial services industry, offering a breadth of modern products, services, and advice beyond deposits and loans.
- We will be the financial services partner of choice to ensure the success of the agriculture, entrepreneurial and small and medium-sized business economic engine of Saskatchewan.
- We will create the capacity for reinvestment toward innovation, necessary to remain sustainable in the long-term, while ensuring an efficient operation.
- We will have the capacity to materially impact the social issues and economic well-being within our Saskatchewan communities.
- We will have the financial strength to offer a relevant member loyalty program and embrace more creative and higher risk business opportunities and models to the benefit of our members and employees.
- We will be more resilient to meet the growing requirements for risk management including cyber security, open banking, payments modernization, and regulatory environment.
- We will have a diverse and inclusive workplace that retains and attracts talented employees committed to strong personal performance, strategic outcomes, aligned to our values, and committed to delivering an exceptional member experience.
Locations
Where you can find us.
The new credit union will have branches located throughout Saskatchewan as indicated on the map below. We believe that local credit unions should understand their members and communities better than any other financial institution.
The Partners
About Conexus Credit Union
Conexus was established in 1937 as the Regina Co-operative Savings and Credit Union. In 1945, it became the Sherwood Savings and Credit Union and in 2003, Sherwood merged with Moose Jaw and Assiniboia credit unions to form Conexus Credit Union. In 2006, Conexus merged with Prince Albert, Heartland, and Moosomin credit unions, forming Conexus Credit Union 2006.
Today, Conexus manages over $10 billion in assets and has almost 900 employees serving more than 145,000 members across 30 locations in Saskatchewan. Of these members, over 97,700 are digital banking users.
Our commitment to the community remains unwavering, contributing 5% of our pre-tax dollars back into Saskatchewan. We have placed a strategic focus on multi-year partnerships that allowed us to build long lasting relationships and have a bigger impact in key areas such as education, financial literacy, food security, health services, shelter, and capital projects.
About Cornerstone Credit Union
Cornerstone is the product of many mergers over the years, with the most recent in 2021 with Horizon and Plainsview credit unions. Operating since 1941, we have a long history of supporting the success of our individual members, farmers and small business owners that continue to thrive in our rural communities. We offer solutions to the challenges faced by farmers, businesses, entrepreneurs, and aspiring tech innovators living and operating in the rural areas we serve.
Cornerstone has over $2.7 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. We have approximately 18,600 of our members that transact with us through digital banking.
Community investment is rooted in our organization and our culture. More than giving back, we aim to help our communities grow. Cornerstone invests approximately 3% of pre-tax profits back into our communities through donations and sponsorships. This total includes funding to Project Cornerstone, our application-based program to fund capital projects of benefit to the community. In addition, our employees logged over 7,120 hours of their own personal time and countless hours of corporate time volunteering for local community groups, organizations and events.
About Synergy Credit Union
Synergy Credit Union’s story began back in 1943, when we opened as Lloydminster Savings and Credit Union Ltd. Right from the start, Synergy was built on co-operative values and the seven co-operative principles—values that still set us apart today. These principles give hard-working people more than just a financial institution; they make our members owners, not just customers. We’re committed to putting them first and supporting sustainable growth in the communities we serve.
On January 31, 2007, our members voted to rename us Synergy Credit Union Ltd., reflecting our commitment to working together for a brighter future and better communities.
Today, we’re a member-owned financial institution serving over 27,000 members across west-central Saskatchewan, with 12 branches and more than 18,500 members who regularly use our digital banking services. As the fifth-largest credit union in Saskatchewan, we have 238 employees and manage over $2.8 billion in assets, standing tall among Canada’s leading credit unions.
Community is at our core. We invest 5% of pre-tax dollars back into local communities through our Synergy Shares program, funding carefully selected (capital) projects that make a real difference now and in the future. On top of that, Synergy returns 20% of pre-tax dollars to members through our Profit Shares Program. In 2023, our team logged an impressive 8,382 volunteer hours—a true reflection of our dedication to the communities we serve.