The boards of directors of Conexus, Innovation and Synergy credit unions have approved the business case for a possible three-way merger, according to a press release distributed Monday.
The release states the three boards voted and unanimously agreed to work to merge the organizations. The boards will recommend a merger to members.
For the merger to proceed, members of each credit union must approve of the merger through a democratic vote. The vote is scheduled for January 2011.
In the run up to the vote, information meetings will be hosted by all three credit unions. Innovation Credit Union meetings in the Northwest will be in North Battleford Nov. 29. Other meerings will be held in Meadow Lake Nov. 30 and Glaslyn Dec. 1.
Synergy Credit Union meetings are slated for Nov. 22 in Lashburn, Nov. 30 in Lloydminster and Dec. 2 in St. Walburg.
If approved by members, the newly formed entity would boast over $6 billion in assets and serve 194,000 members from 84 credit union branches, 11 insurance offices, six real estate offices and six mortgage brokerage offices across Saskatchewan.
"We're pleased with the boards' decision. We've reached an important milestone and the next step is to open dialogue with our members," says Conexus board chair, Randy Grimsrud.
"Before the vote in January, we will present our case for the merger to our members at information meetings across the province."
"The information meetings are a very important part of the communication process," says Synergy board president, Wayne White. "They provide a venue where members can ask questions and receive open, transparent and timely information about the benefits of the merger so that they can make an informed decision."
"We truly believe that we will be 'better together' and that the potential opportunities for our communities, employees and members will take us to a whole new level of excellence," says Innovation president Gord Lightfoot. "We look forward to uniting three high performing credit unions while continuing to support the people of Saskatchewan and their communities."
A merger between the three organizations would remain true to co-operative roots and principles. Members would continue to have a voice through elected representatives on the board and all current employees would have a place in the new credit union.