Members of three Saskatchewan credit unions could be voting in early June on whether to become one entity.
Conexus, Cornerstone and Synergy are recommending to members that they merge to become a $15 billion credit union with some 200,000 members spanning 50 communities.
“Once we have a positive vote – assuming we get to that stage, we do start some of our integration planning. Come Jan. 1, our legal date, many members won’t see any material changes at that point. It’s going to take some time until systems like digital banking and cards are put into one system. We will keep members informed through all of that period,” says Synergy CEO, Trevor Beaton.
Members of the three credit union will all be voting on the same day whether or not to move forward with the merger. The exact date is still to be determined.
Beaton is confirming that one of the three credit union names will be chosen to take the new entity forward.
“We will pick one of our three legacy names. It could be Synergy. It could be Cornerstone. It could be Conexus. We don’t know that – and we won’t until summer time when hopefully that decision is to be made.”
Beaton says work is ongoing to make a recommendation on which name will be chosen.
Conexus has over $10 billion in assets under management, some 897 employees and more than 144,000 members across 30 locations in Saskatchewan.
Cornerstone manages over $2.7 billion in assets, serving over 30,000 members, with 280 staff.
Synergy has over 27,000 members, 238 employees and manages about $2.8 billion in assets.
More details on the merger are available at all branches and online.
