The membership of Cornerstone, Horizon and Plainsview Credit Unions provided overwhelming support in favor of a merger to partner together as a single credit union to drive benefits for members, employees and communities.
Voting took place through an online and in-branch vote during the week of June 15 -19. The resolution was passed with 88 per cent of the members that voted in favor from Cornerstone, 92 per cent in favor from Horizon and 94 per cent in favor from Plainsview Credit Union.
Doug Jones, CEO of Cornerstone Credit Union stated, “we want to thank all our members for the participation and support through the consultation and voting process. 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.”
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.
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 new credit union will present benefits to all stakeholders: members, employees and communities. Over time, the goal is for members to benefit through greater access and convenience, better advice, products and services along with improved technology. Employees will benefit from having a broader network, expanded career opportunities and improved work experience through increased effectiveness and better technology. This opportunity will help ensure we can continue to support communities whether financially, as volunteers or with effective ways to provide advice and service into the future.
Over the coming months, we are excited to begin the significant undertaking of bringing our three credit unions together. We are committed to keep the lines of communication open as we work through that process. In the meantime, it’s business as usual. We continue to focus on providing the best advice and service to our members.