MOOSE JAW — Saskatchewan’s financial landscape is set to evolve as the Conexus Credit Union, Cornerstone Credit Union, and Synergy Credit Union announce plans to explore a potential merger. The partnership aims to build a resilient, province-wide organization designed to meet the changing needs of members and communities.
The proposed merger is currently undergoing an exploration phase to ensure due diligence. This process is expected to last for “several months,” and a business case study is expected to be completed in March 2025.
If approved, the merger will be recommended to credit union members for a June 2025 vote.
“We envision this merger as the next exciting step for dedicated Moose Jaw credit union members… (and) for all the members of the credit union,” announced Ken Kosolofski, board chair for the Conexus Credit Union.
The process is guided by the Joint Partnership Committee, which is comprised of representatives from each branch. This committee seeks “to explore synergies and benefits for all three organizations,” according to an official release.
As the financial services industry continues to evolve, individual entities face growing competitive and regulatory pressures and require meaningful organic growth. To overcome these challenges, credit unions are increasingly turning to mergers to achieve the necessary scale of operations.
Kosolofski highlighted Moose Jaw’s pivotal role in shaping the Conexus Credit Union, which was formed through an earlier merger in 2003 and expanded in 2006. These mergers helped create a stronger co-operative organization benefitting members in Moose Jaw and across the province. He now hopes to further build on this success.
“We believe this proposed merger… will continue this great co-operative story, creating a credit union that’s a catalyst for economic growth and a thriving Moose Jaw and Saskatchewan,” Kosolofski said.
“That’s why we called it ‘Together for a Thriving Saskatchewan,’ because we think that, through our unwavering commitment to our members, both current and future, we’re going to be able to drive economic growth, empower communities, and support the dreams of individuals, farmers, and businesses across the entire province.”
Credit union members can expect enhanced convenience and branch accessibility, improved digital services through a greater investment in technology, competitive rates and fees from cost efficiency and scale, and an increased investment in credit union communities.
Conexus Credit Union CEO Celina Philpot reassured members that the merger would not result in branch closures.
“It’s literally an expansion for all three partners to be able to serve our members in new communities when we get together as a merged entity,” she confirmed. The merger also entails a further investment in employee development to confidently prepare for current and future opportunities.
Philpot acknowledged that members often worry about changes to products and services during a merger, but emphasized that the focus is on enhancing what’s already offered.
“Part of that process is to learn from our members as we walk through this journey as to what specific concerns they may have,” she said.
The credit union maintains a microsite, Together for a Thriving Saskatchewan, which is a platform designed to foster open communication. Members are encouraged to ask questions, share their concerns, and stay informed about new developments.
Philpot said the platform helps ensure members feel supported and engaged throughout the process.
“We want to… acknowledge the members in Moose Jaw who have been instrumental in forming the Conexus (Credit Union) that we have today,” Philpot said. “They have been able to realize the benefits of a larger credit union and what that meant to them.”
She acknowledged that Canada’s credit union movement started in Quebec with Alphonse Desjardins in 1901, but said Saskatchewan played no small part in its growth.
“I’d like to reference that Saskatchewan is a cradle of the credit union movement as we’re very committed to co-operative sentiments and working together as a community. That will not change as we become a larger institution.”
For more information visit ThrivingTogetherSK.ca.
The Conexus Credit Union is located at 80 High Street West.
