The Boards of Directors of New Community Credit Union and Synergy Credit Union are excited to announce the two organizations are exploring a partnership in order to better serve their members.
Both organizations will perform due diligence and present a business case for review and feedback in the Spring 2022.
A merger between the two credit unions would create opportunities for efficiencies by combining each other’s strengths which then allows them to better serve their memberships. Enhanced products, services, and advice options as well as combined resources will provide access to advancing technologies in a rapidly-evolving industry. This co-operation will ensure we can continue to support our local communities in a meaningful way — a priority for both credit unions.
“This is a process that we believe is in the best interests of our membership for the long-term success of our local credit union,” said New Community Credit Union Board of Directors Chair Morris Bodnar. “With Synergy, we believe we have found a credit union that shares our core values and vision that aims to make our communities better places to live and help guide our members to reaching their financial goals.”
“We are very excited about the potential merger of these two great credit unions and the positive benefits for both of our memberships,” said Synergy Board of Directors Chair Don Wheler. “We look forward to engaging with members of both organizations as soon as possible to share our vision for what the future looks like with this partnership.”
The two organizations plan to have a final decision in Spring 2022.
New Community Credit Union has 2,200 voting and non-voting members with over $175 million in assets under administration.
Synergy Credit Union has more than 28,000 voting and non-voting members with over $2.1 billion in assets under administration. Synergy is currently the fifth largest credit union in Saskatchewan.
About New Community Credit Union
New Community Credit Union is a member-owned financial institution with over $175 million in assets under administration serving 2,200 members in Saskatoon and surrounding communities. New Community Credit Union provides core banking services through the traditional branch network, the Canada-wide AccuLink ATM network, online banking and mobile web banking with financial advice provided by professionals.
About Synergy Credit Union
Synergy Credit Union is a member-owned financial institution serving more than 28,000 voting and non-voting members from 11 communities within west-central Saskatchewan. Synergy Credit Union is the fifth largest credit union in the province of Saskatchewan and is one of the leading credit unions in Canada, with more than $2.1 billion in assets under administration. Synergy Credit Union provides core banking services through the traditional branch network, the Canada-wide AccuLink ATM network, online banking, mobile web banking, as well as through the Member Contact Centre. More complex and advanced services, such as financial advice and analysis, are delivered by specialists who may be located in select branches or available to meet in a location of the member’s choice, by request.
Lloydminster, SK - Friday | March 11, 01:17 PM