ARCOLA, Saskatchewan–A three-way merger among credit unions here has been approved by members of the respective CUs. According to Cornerstone CU, Horizon CU and Plainsview CU, members provided “overwhelming support” for the combination.
When complete, the new credit union will become the fourth largest in Saskatchewan with approximately $1.72 billion in assets, serving over 35,000 members in 23 communities throughout Saskatchewan and will employ approximately 285 people.
“We want to thank all our members for the participation and support through the consultation and voting process,” Doug Jones, CEO of Cornerstone Credit Union, told Yorkton This Week. “Our members are the reason we exist, and it was their voice and their vote that enables us to proceed to build a stronger credit union. This merger presents a significant milestone for the future of our credit union.”
According to Yorkton This Week, the shared future vision of the three credit union partners is a new credit union that is operationally competitive and differentiated through its commitment to member wellbeing via trusted advice and service as well as concern for community. “This new credit union will be more sustainable and better able to leverage opportunities and manage risks in the ever-changing financial services market,” the report stated.
The three CUs said the merger will present benefits to all stakeholders--members, employees and communities—and over time the goal is for members to benefit through greater access and convenience, better advice, products and services along with improved technology.