Synergy considers merger

Synergy Credit Union is exploring a possible merger with two other Saskatchewan-based credit unions.

Synergy, Conexus and Cornerstone have announced their intention to explore a merger. 

The partnership aims to create a stronger, more resilient province-wide credit union. Coming together will also allow the companies to combine resources and strategic investments to offer a differentiated and modern member experience.

This will also benefit members and employees alike.

“For members, the merge provides them with access to more branches across Saskatchewan, improved digital experience through increased technology investment, continued competitive rates and fees, and similar or greater community engagement and investment,” said Glenn Stang, Synergy Credit Union CEO.

“The new credit union aspires to be member’s financial service provider of choice. Our strong financial position and collective talents provides the new credit union with greater capacity to do what is in our member’s best interests.”

Employees will have the chance to further their careers through a much broader network. 

Communities will see the continued benefit of the company remaining local with local leadership. 

“The new board will have 12 seats. Based on equitable distribution of these seats, 3 seats will be allocated to Synergy, 3 seats to Cornerstone and 6 seats to Conexus,” said Stang. 

For the first year of the companies merging, board seats will be occupied by existing board members. 

Beginning in 2027, a third of the board seats will have their terms expire triggering a call for nominations.

“Incumbents can seek re-election to retain their seat on the board, as well, nominations can come from existing members regardless of their residence.  If there are more nominations than seats available, an election will be called,” explained Stang. 

A business case will be developed and presented to the Board of Directors for approval by 2025. If it’s approved, a recommendation of merger will be presented to members.

A member vote will take place at the three credit unions, if successful, regulatory approvals will be required. Finally, if all the previous steps are successful, the merger will take effect Jan. 1, 2026.

Synergy Credit Union has been a long-time player in Lloydminster first opening their doors as Lloydminster Savings and Credit Union Ltd. back in 1943. In 2007 the company voted to be renamed as Synergy Credit Union Ltd. 

Synergy has locations in the Lloydminster and greater area with a location as far as Kindersley in the south, Saskatoon in the east and St. Walburg in the north.

Conexus and Cornerstone occupy much of the central and eastern parts of Saskatchewan. 

Read more: Synergy highlights economic breakfast