The historic merger of Synergy, Cornerstone and Conexus credit unions became official Jan. 1.
The new merged credit union, under the Conexus name, will serve more than 200,000 members in 50 communities with 1,400 employees through Saskatchewan with more than $16 billion in assets.
Read more: Synergy merger explained at Rotary
“It is the exciting start of the next chapter for Saskatchewan’s credit union system,” said Heidi Schofer, Conexus Credit Union’s board chair. “This merger is also a catalyst for economic growth in our province.
“Today, I want to extend my heartfelt gratitude to our membership for their continued trust and for what we have built and will build together.”
Jan. 1 marked the legal amalgamation date of the three companies. The full merger, however, will take additional time.
For users of the credit unions, it will be business as usual. It will be the same branches and the same people. Those using services will still be dealing with their legacy credit unions, while work is done to bring together teams, systems, products, services and operations.
Signs on buildings won’t immediately change, but anyone opening a new account, taking out a loan, mortgage or making an investment, will acknowledge the change to the legal name in their paperwork.
Celina Philpot, CEO of Conexus Credit Union, says she’s committed to a thriving credit union.
“United, we aim to create the premiere financial institution of choice in Saskatchewan for individuals, businesses and ag producers, in a uniquely credit union way,” she said.
Conexus is also warning of a potential increase in fraud during the merger, noting that fraud activity typically rises during periods of transition and urging people to remain cautious.
Read more: Synergy to merge with Conexus and Cornerstone
