REGINA, Saskatchewan–It isn’t just the U.S. that has seen mergers among some very large credit unions. On Jan 1, the merger of Conexus, Cornerstone, and Synergy credit unions became official under the Conexus Credit Union name and brand, creating a CU with $16 billion in assets, more than 200,000 members, and 57 branches across 50 communities.
Conexus Credit Union CEO Celina Philpot told West Central Online the legal merger date marks only the beginning, fulfilling key legal and regulatory requirements, and it is now moving forward with full integration.
“A lot of that is system integration and making sure that our teams are all well trained and ready to support our members so that we can open our branch locations to everyone across our province and have that seamless experience,” Philpot told West Central Online. “There’s quite a bit of integration work that still lies ahead for us.”
Due to competition law, much of this work could not be completed in advance, underscoring the significance of the legal merger date, the report noted.
Communication Being Stressed
Philpot told West Central Online the credit unions have made a commitment to communication. “We are committed to informing our members regularly as we go through this journey with them. The last communication we had with our members was in mid-December in preparation for that January 1 legal date. And we’ve given them the information up to date that is possible,” Philpot stated.
As integration work continues alongside supporting partners, Conexus will be able to better estimate critical milestone dates and inform their members accordingly. There are currently no target dates set, according to the report.
Employees Retained
West Central Online said Conexus has committed to ensuring all engagement employees have positions within the new organization, with Philpot saying they are still working with the various branches to understand how they will begin to operate as one entity instead of three.
“We have made some leadership decisions along the way, one being the appointment of myself to the role of CEO that our board had made in 2025 and I have selected the executive team. We’re going to continue to work through all the people-related items as we work to bring our three organizations together,” Philpot told the publication.
The CUs said more than 80% of members approved the merger in the 2025 vote. As part of the combination, the credit unions have committed to 5% of the combined CU’s pre-tax earnings being reinvested into local communities and into the province.
