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2023 Winter Edition
As we reflect on this eventful year, marked by challenges such as high inflation and a notable rise in interest rates, we acknowledge the financial hardships many of you may face.
Our primary objective remains steadfast – to help you achieve your financial goals.
In these trying times, we encourage you to initiate conversations about your financial circumstances proactively. By doing so, we can work together to find meaningful solutions and navigate these challenges effectively.
Despite economic uncertainties, we are proud to have made significant contributions to our community this year, including $165,000 in branch donations and $50,000 in scholarships funded by Synergy Shares. Additionally, over $6.5 million was returned to our members through ProfitShares rewards and cash paydowns, highlighting our commitment to supporting the local economy.
Our Member Rewards program further brought joy to members with the Summer of Smiles Cash Giveaway, totaling $281,600. In October, we executed ProfitShares threshold paydowns, followed by the distribution of capital from the sale of Concentra in early November. Looking ahead to the New Year, we plan to free up more capital, pending regulatory approval.
Investing in our communities is at the heart of our mission. This year, we've contributed to various projects and organizations, such as Manitou Lake Fire and Rescue, Maidstone Hospital, Lloydminster Regional Health Foundation, Lloydminster Choose Love Mural, Maidstone Ice Arena, Town of Kindersley Beach Project, Paradise Hill Arena, Marsden Community Co-op Association, and the Dream Camp.
As an owner, you share in the organization's profits, which are distributed to benefit the community—a distinct advantage that sets us apart from traditional banks.
Thank you for being part of the Synergy Credit Union family. As we approach the festive season, let us remember the strength we find in unity and the positive impact we can create together.
Wishing you a joyful holiday season and a prosperous New Year.
Glenn Stang | CEO, Synergy Credit Union
p.s. We would love to see how you spent your holidays; share your pictures with us!
Also, let us know how we did in 2023 and what you would like us to improve; we would love to hear from you!
As daylight gradually shortens and the air grows crisper, signaling the arrival of fall, we keenly perceive the subtle but unmistakable transition from the warmth of summer's embrace to the distinct allure of autumn. This change of seasons orchestrates a profound transition not only in our surroundings but also in the routine of our daily lives.
Much like the shifting seasons, the concept of financial resilience assumes a deeply personal significance for each of us. It mirrors the intricacies of our individual circumstances, aspirations, and dreams. At Synergy Credit Union, we understand that financial resilience is as unique as each of our members. Whether it entails securing the future of your loved ones, pursuing ambitious entrepreneurial endeavors, or simply seeking tranquility in your financial affairs, financial resilience embodies the empowerment necessary to achieve your unique vision.
In these times of perpetual transformation, our commitment remains unwavering—to navigate the challenges alongside you and to meticulously tailor a secure financial future that aligns with your specific needs and goals.
As we reflect on an eventful summer, from our 80th-anniversary celebrations to the joyous Summer of Smiles campaign and other engaging community events, we eagerly anticipate the opportunities and experiences that lie ahead in the coming months.
Once again, we extend our heartfelt gratitude for entrusting Synergy Credit Union as your dedicated financial ally on this enriching journey. Your journey is our journey, and together, we'll continue to thrive.
Glenn Stang | CEO, Synergy Credit Union
2023 Summer Edition
"Like a gentle breeze, summer arrives, carrying dreams of sunshine and endless possibilities."
As we embrace the warmth of the season, let us also bask in the heartwarming stories and milestones that have unfolded.
While the summer breeze may have brought more smoke than we desired, we find solace and gratitude in knowing that the fires are now under control. It serves as a reminder of the resilience and unity within our communities.
Speaking of celebrations, Glenn's 2 Cents reaches its first anniversary! We are excited about this milestone! Even more deserving of recognition is Synergy Credit Union, which proudly commemorates 80 years of dedicated service to the prairies. Guided by 7 co-operation principles, we have continually strengthened our communities by investing in what truly matters on our home soil.
To commemorate this special anniversary, a captivating video showcased the words and experiences of some of Synergy's longest-standing members, highlighting their life journeys and the profound impact the organization has had on their communities. In recognition of 80 years of community partnership, an extraordinary art piece inspired by Indigenous cultures and beliefs was commissioned by the talented Saskatchewan artist Christine Marie. This celebration aligns perfectly with National Indigenous History Month as we embrace and pay tribute to the rich heritage of Indigenous peoples.
This summer sets the stage for what I affectionately call the 'Summer of Giving.'
Synergy's Summer of Smiles Member Cash Giveaway, which commenced on June 1st, promises an extraordinary opportunity for members to win substantial cash prizes, with four lucky individuals receiving up to $8000 every eight days.
In June, a joint gift of $55,000 made by Synergy Credit Union and District Co-op to Border City Connects was a heartwarming testament to the power of collaboration and community support. This act of generosity, facilitating the acquisition of a fourth Paravan-accessible vehicle, exemplifies how the spirit of giving can make a tangible impact on the lives of those in need.
The commitment to giving back continued with over $2.8 million allocated to Synergy's members through ProfitShares this year.
On June 12th, an initiative born from the successful merger with New Community Credit Union (now Synergy Credit Union New Community branch) made a profound impact by donating $100,000 to the Co-operative Development Foundation of Canada (CDF Canada).
We also announced the winners of the annual Synergy Shares Scholarship, where each student will receive $1,000 annually for up to four years to complete their post-secondary education.
And summer has just started!
As the summer unfolds, let us carry the spirit of giving into our personal lives and communities. May gratitude be the driving force that propels us forward with open hearts. Together, we can make a difference.
Wishing you a summer filled with joy, laughter, and meaningful connections. And, of course, don't forget to apply sunscreen to protect yourself from the sun's warm embrace."
Take care,
Glenn Stang (CEO, Synergy Credit Union)
Spring is here!
Well, almost…
It feels like ten months since we last ventured out in shorts and sandals, but it looks like the long winter is finally almost over. As spring strives to establish a foothold in the prairies, we slowly start to prepare for the flurry of activities that marks the end of winter. Plans are being made for the rest of the year, from repairs to holidays and school activities.
As you make these plans and other important financial decisions, rest assured, as always, that your finances are safe with us, and the Credit Union Deposit Guarantee Corporation backs this. This means that all deposits in Saskatchewan credit unions, regardless of membership, citizenship or residence of the depositor, are covered. There is no limit to the size of deposits covered by the guarantee.
We are always looking out for your financial well-being, and to this end, we launched a new tool called Money Manager. Money Manager is a digital banking tool that changes how you interact with your money. It lets you view all your accounts from any financial institution, all on one platform. It also has handy features like budgeting tools, a spending tracker, debt reduction plans, and more.
I’m proud to share that Synergy was named SK Top Employer of the year for the 6th straight year! This is a great achievement that showcases our commitment to ensuring our staff has a great place to work, learn, and grow.
That certainly marked a great start to 2023! Synergy turns 80 this year as well, so look forward to many activities throughout the year to celebrate this milestone.
We’ve come a long way together. Here’s to many more years with you.
Take care,
Glenn Stang (CEO, Synergy Credit Union)
2022 Holiday Edition
This has been a year of tentative, yet hopeful recovery. As we slowly emerge from three years of uncertainty, we must reflect on the past year, our achievements, our challenges, and envision what's to come in 2023.
The theme for this time of the year is 'gratitude.' Although this year has had its share of ups and downs, we have much to be grateful for.
We are grateful for the opportunities we had this year to physically come together for the first time since the start of the pandemic. We celebrated multiple member events such as Member Appreciation Day, Credit Union Day and over a dozen community events such as the Lloyd Ex Fair parade, National Day of Truth and Reconciliation, Pride march, and the Lloydminster Region Health Foundation's ‘Dodge the Stigma’ dodgeball tournament.
And next year, we celebrate 80 years of Synergy Credit Union in Saskatchewan. In 2023 we will do even more for our members and communities, especially our local schools and Indigenous communities.
On January 1st, we will welcome a new member to the Synergy family. New Community Credit Union is a member-owned financial institution in Saskatoon with over $175 million in assets under administration, serving 2,200 members. With this amalgamation, Synergy will expand its footprint in Saskatchewan.
We will be launching a new digital banking tool in 2023, as the federal government moves towards making open banking more available to Canadians, to optimize Synergy’s position. Please look forward to that.
On behalf of Synergy Credit Union, I would like to extend its warmest holiday wishes to you and your family. Thank you for your patronage and support. Have a happy holiday and a healthy and prosperous New Year.
Take care,
Glenn Stang (CEO, Synergy Credit Union)
p.s. We would love to see how to see how you spent your holidays, share your pictures with us!
Also, let us know how we did in 2022 and what you would like us to improve, we would love to hear from you!
The leaves are falling; summer is sadly over. Although we might long for the dog days of summer, time must move on, and all we can do is look back to the fun times we had. Well, now it's time for pumpkin spice everything and bunny hugs!
Synergy kicked off the fall with a contribution of $150,000 to the rejuvenation of the WHT Mead Building at Lakeland College's Vermilion campus. In recognition of Synergy's gift, a lecture hall in the WHT Mead Building has been named the Synergy Credit Union Lecture Theatre.
We've also teamed up with the Co-operative Development Foundation of Canada's (CDF) Women's Mentorship Program (WMP) to host Airene Quinia, an Assistant general manager from the Philippines. She visited a few Synergy branches to benefit from training specific to credit unions.
This fall, we launched our Financially Forward campaign. Over the next few months, we'll showcase the different service channels Synergy has to offer through the lens of the history of the Credit Unions in Saskatchewan over the last seven decades. Enter the contests to win really cool prizes. The campaign will culminate with the launch of Money Manager —the next level of digital banking.
With the future of banking looking more digital-centric than ever, online security has never been more critical. Here are some steps to take to cultivate smart online security habits:
- Always use strong passwords
- Update your phone's software to get the proper security patches
- Use biometrics where available
- Use 2-step verification where available
Learn more on how you can stay safe online.
As we head into the colder months, don't forget to brush up on those winter safety habits.
Now I'm off to rake some more leaves and maybe reward myself with a pumpkin spice latte.
Stay warm.
Glenn Stang (CEO, Synergy Credit Union)
