REGINA: Members of Conexus, Cornerstone and Synergy Credit Unions have voted yes to a merger.
Members of all three credit unions voted overwhelmingly in favour of merger the three entities, clearing the way for the merger to happen over the next several months.
The results were announced Wednesday morning and those saw 87.5 per cent of members from Conexus voting yes, 86.5 per cent of members from Cornerstone and 88.7 per cent from Synergy.
A 75 per cent threshold was needed for the merger to proceed, and that target was easily met.
The results conclude a voting process that took place June 3 to 13, and culminate several months of efforts by the credit unions to examine and ultimately move ahead with a merger vote.
Now the next step will be to start the process of actually merging the three credit unions, including finding a name, naming a CEO, and all the other details of the merger. Once it is up and running the new credit union will have 57 branches in 50 communities serving 200,000 members. The combined assets will be $15 billion, according to the credit unions.
In a letter to members posted on their web site, Conexus board chair Ken Kosolofski said that over the coming months they will “will finalize the required legal and regulatory processes and announce the CEO and the credit union name. The CEO and credit union name will be selected from one of the three existing credit unions before we officially become one on January 1, 2026.
“You won’t see changes right away, as we begin to integrate teams, systems, products, services and other operations. We commit to being transparent regarding any changes to your account or the way you bank. We will communicate well in advance, supporting you every step of the way.”
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