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News Now

CU System
Three Canadian CUs promoting merger
MADISON, Wis. (12/2/10)--A proposal to merge three credit unions in the Canadian province of Saskatchewan into one province-wide credit union has been put forward. The combined credit union would have thousands of members and billions of dollars in assets (The Canadian Press Nov. 23). Membership meetings are slated for this month on the potential merger of Conexus, Innovation and Synergy credit unions. A merger of the three credit unions would create a new entity comprising 84 branches 194,000 members and $7 billion in assets, Ian Rea, Conexus CEO, told the news outlet. Voting is scheduled to take place in January after the informational meetings are concluded. Each credit union must vote in favor of the proposal by a margin of 75% for the merger to proceed. “We did due diligence for the merger and there aren’t any negatives that I can see. It’s just a way for our credit union to grow and prosper into the future,” Gord Lightfoot, board president of Innovation CU said after a Nov. 23 meeting. “And through the credit union doing well, our members will be better served and I just see it as an entirely positive thing for our community” (The Southwest Booster Nov. 24).


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