Members vote in favour of merger of three Saskatchewan Credit Unions
Members of Cypress Credit Union, Diamond North Credit Union, and Prairie Centre Credit Union have voted in favour of bringing the three organizations together to create one credit union dedicated to growing, serving, and supporting rural Saskatchewan.
“Uniting our three credit unions into one credit union is an important milestone for our members, employees, and the communities we serve,” says Greg Hannay, the Board Chair for Prairie Centre Credit Union. “Our members were always in the driver’s seat on this proposed merger. The result of this vote clearly communicates their support for the merger and the opportunities it will create. We thank our members for taking the time to vote.”
Members had the ability to vote on the proposed merger online or in branch from September 4 to September 10. Prairie Centre Credit Union members voted 90.3% in favour of the merger, while Diamond North Credit Union members voted 89.5% in favour, and Cypress Credit Union voted 97.6% in favour. A minimum 75% of votes cast from each credit union had to be in favour of the motion to merge. Given this requirement, the merger received the necessary approval to proceed.
“This merger is a partnership that will help to ensure we are sustainable long term,” says Greg Pagan, the Board Chair for Diamond North Credit Union. “As one credit union, we will have the scale to deliver financial services tailored to life and business in rural Saskatchewan.”
The legal merge will come into effect on January 1, 2025. The new credit union will have over 33,000 members, 30 service locations, and combined assets of $2.1 billion. The name for the new credit union will be announced in the coming months. The CEO for the new credit union will be Blair Wingert, the current CEO from Prairie Centre Credit Union. Colleen Harmatiuk, the CEO of Diamond North Credit Union, and Glen Goddard, the CEO of Cypress Credit Union, will support Wingert in leadership roles during the transition.
“Starting in January 2025, the management team will begin to implement a plan to integrate our systems, products, and operations,” says Kelly Bakanec, the Board Chair for Cypress Credit Union. “It is an exciting time for our members and employees as we continue to lead and drive rural prosperity in Saskatchewan.”