Three Saskatchewan credit unions complete merger, creating province’s largest credit union

Three of Saskatchewan’s largest credit unions have officially merged, creating a single financial institution serving more than 200,000 members across the province.

Conexus, Cornerstone and Synergy credit unions legally amalgamated Jan. 1, forming a new organization with more than $16 billion in assets under management. The merged credit union operates 57 branches in 50 communities and employs about 1,400 people across Saskatchewan.

Conexus CEO Celina Philpot and Conexus Board Chair Heidi Schofer.

The merger marks a significant consolidation within Saskatchewan’s credit union system and follows member approval votes held by the three organizations in 2025.

Heidi Schofer, board chair of Conexus Credit Union, called the merger a milestone for the sector.

“It is the exciting start of the next chapter for Saskatchewan’s credit union system,” Schofer said in a statement. “This merger is also a catalyst for economic growth in our province.”

Celina Philpot, CEO of Conexus Credit Union, said the combined organization aims to strengthen local financial services while maintaining cooperative principles.

“Our members are our owners, our profits stay in our communities, and Saskatchewan is the place we call home,” Philpot said.

While the legal amalgamation took effect at the beginning of the year, credit union officials say full integration of systems, products and operations will take time. For now, members will continue to bank as usual with their existing credit unions.

Accounts, cards, cheques and digital banking services will remain unchanged during the transition period, according to the credit unions. Members will continue to use the same branches and work with the same advisors while integration work continues behind the scenes.

Branch signage will also remain unchanged for the time being, though a legal disclaimer noting the amalgamation will appear in branches and on official communications. New accounts, loans or investments opened during the transition will reflect Conexus Credit Union as the legal name.

Before the merger, the three credit unions committed to maintaining all existing branch locations, noting there is no overlap in their combined branch network. Officials also pledged to invest in digital banking, maintain low- or no-fee options, keep decision-making local and reinvest a portion of profits back into Saskatchewan communities.

The merged credit union has committed to reinvesting five per cent of pre-tax earnings into local communities through sponsorships, volunteering and community support initiatives.

Credit union leaders say additional details about product alignment and system changes will be shared with members as integration progresses.