Synergy Credit Union will officially merge with Saskatchewan-based credit unions Conexus and Cornerstone following a successful member vote.
Read more: Synergy considers merger
Voting took place between June 3 and 13 and a successful vote required at least 75 per cent approval from each credit union. Conexus saw 87.5 per cent approval, Cornerstone, 86.5 per cent, and Synergy saw 88.7 per cent.
The official announcement was made June 18, and the merger takes effect Jan. 1, 2026.
The new credit union will serve more than 200,000 members in 50 communities, with 1,400 employees throughout Saskatchewan.
“We’re ecstatic about the overall support of our members and the members from Cornerstone and Conexus. We all had strong mandates and strong participation from our members throughout the process. We’re overwhelmed by that support,” said Synergy CEO Trevor Beaton, noting he’ll be vying for the top job once the merger is finalized.
The merger also signifies the largest financial institution in the province.”
“This new credit union will be the largest in Saskatchewan with Affinity Credit Union being second,” said Beaton.
“There’s no one that covers as much as we will. We’ll be from Moosomin to close to the Manitoba border, and you can’t get further west than Lloydminster. Coronach is almost six kilometres to the U.S. border, all the way up to La Ronge. We’ll cover most of the province.
The future of Synergy
The new credit union will be governed by an inaugural board of 12 directors. The board will be comprised of six directors from Conexus and three from Cornerstone and Synergy.
“For members, it means more coverage for members throughout the province. There’s so many more branches available to them next year. (It also means) the ability to have new and better offerings for members” added Melanie Bonnah, vice chair, Synergy Credit Union board. In the new year, Bonnah will be one of three directors on the newly formed board.
“My role on the board has yet to be determined. Once the board is formed, we’ll go through the process of voting on a chair, a vice chair and the committees.”
When it comes to the integration process, Beaton noted that’s where the work really begins.
“We have about 200 different programs we use on the technology side alone,” he said. “Trying to integrate those together, the big dates will be on digital banking conversions. Members notice those because there’s usually blackouts on things like E-transfers.
“We’ll also go through the integration of benefits and positions. There’s a lot from the people side and the technology side.”
The credit unions have a shared website, thrivingtogethersk.ca to keep members informed.
Read more: Synergy merger explained at Rotary
