Conexus, Cornerstone, and Synergy Credit Unions Recommend a Merger to Members

Regina, Saskatchewan, April 08, 2025 (GLOBE NEWSWIRE) — Conexus, Cornerstone, and Synergy Credit Unions are thrilled to recommend a merger to members. After thorough due diligence, the Boards of all three credit unions have unanimously approved this recommendation. We believe that by working together we will create a stronger, more resilient credit union that remains member-focused and upholds our shared values. 

This announcement transitions this initiative from “Exploring” to the “Recommendation” phase of Together for a Thriving Saskatchewan, an initiative driven by a shared vision to combine resources and strategic investments.  

By merging, we can:  

• Share profits with members while maintaining competitive rates and fees.  

• Ensure long-term sustainability in a rapidly changing financial landscape.  

• Continue investing in local communities to support a thriving Saskatchewan.  
• Invest in technology so members can bank where, when, and how they want.  

Our Commitment to Members 

Pending member approval of the merger, here is what this will mean for members: 

• 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’ pockets.   

• 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 service and management, 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.  

This merger is a proactive step forward to keep money in our members’ pockets while securing a strong future for our credit union.   

We are committed to keeping members informed, answering questions, and providing opportunities to learn more. A member vote is expected this June, and we encourage all members to take part in shaping the future of their credit union by voting. 

If approved by members and the regulator, the newly combined credit union will officially launch January 1, 2026. 

To learn more, visit any branch or our shared website: thrivingtogethersk.ca. 

Quotes from Credit Union Board Chairs and CEOs 

“All three credit unions are entering this merger from a position of strength. There will be many benefits for Conexus, Cornerstone, and Synergy members. Our Boards have confirmed that this merger will strengthen our ability to invest, stay competitive, and continue meeting the needs of members – now and into the future.”  

– Ken Kosolofski, Board Chair of Conexus Credit Union 

“This merger is about building a provincial credit union that is even more member-focused, sustainable, and competitive. The headwinds of rising costs, economic volatility, and increasing regulatory demands make it harder to go it alone while meeting evolving member expectations. We are choosing to work together to create a strong community-focused credit union serving both today’s members and future generations.”   

– Heidi Schofer, Board Chair of Cornerstone Credit Union 

“A financial institution rooted in co-operative values means that every credit union customer is a member-owner. These member-owners provide us with valuable feedback on what matters most to them. Today, we are proud to announce our commitments to members as we move forward with this merger. We remain dedicated to serving members in the way that suits them best—whether through their trusted local branches or modern, easy-to-use online tools. Additionally, we reaffirm our commitment to local decision-making, delivering more value to members, and with no overlap, keeping branches open as part of this merger.” 

– Neil Carruthers, Board Chair of Synergy Credit Union 

“This merger puts members first. We are excited about what a merged credit union with $15 billion in assets under management and 57 branches in 50 communities means for our members. Our team will be empowered with the required technology, modern products and insights to provide proactive, needs-based advice tailored to your financial goals. Your vote matters! Let’s move ahead together.” 

– Celina Philpot, CEO of Conexus Credit Union 

“Our members care deeply about their credit union and their community. We believe that partnering is the right choice. A merged credit union will amplify the positive benefits for both members and our communities, with profits staying local. Ultimately, this merger is about building a stronger credit union for everyone involved.” 

– Doug Jones, CEO of Cornerstone Credit Union 

“The world is full of uncertainties, many of which are beyond our control, yet they significantly affect us – whether through global politics, economic shifts or rapid technological advancements that reshape competition.  By joining forces, we will be better equipped to navigate unforeseen challenges and seize new opportunities than we would be on our own.” 

– Trevor Beaton, CEO of Synergy Credit Union 

More Information for Members 

Members and the public can learn more about this recommended merger by visiting any of the three credit unions’ branches or the shared “Together for a Thriving Saskatchewan” website.  

We encourage members to contact us. Share your thoughts or ask a question here. The date and details of the member vote will be announced at a future date.  

About Conexus Credit Union 

Conexus has more than 80 years of serving members and giving back to our communities. Conexus manages over $10 billion in assets and has over 897 employees serving more than 144,000 members across 30 locations in Saskatchewan. 

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. 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. 

About Synergy Credit Union 

Synergy is a member-owned financial institution serving over 27,000 members with 12 branches across west-central Saskatchewan. As the fifth-largest credit union in Saskatchewan, we have 238 employees and manage approximately $2.8 billion in assets, standing tall among Canada’s leading credit unions. 

For more information and to arrange interviews, please contact: 

Michael Chmielewski 

Conexus Credit Union 

media@conexus.ca 

(306) 751-8201 

 
Lori Walsh 

Cornerstone Credit Union 

lori.walsh@cornerstonecu.com 

(306) 621-3471 

 
Marié Steyl 

Synergy Credit Union 

marie.steyl@synergycu.ca 

(306) 500-5159 

Attachments

• Together for a Thriving Saskatchewan
• Together for a Thriving Saskatchewan

CONTACT: Michael Chmielewski
Conexus Credit Union
306-751-8201
media@conexus.ca