Proposed merger of three rural Sask Credit Unions

The proposed merger of three rural Saskatchewan credit unions, Prairie Centre Credit Union, Cypress Credit Union, and Diamond North Credit Union, will create a single credit union dedicated to growing, serving, and supporting rural Saskatchewan.

Prairie Centre Credit Union serves more than 17,000 members. Its subsidiaries, Prairie Centre Insurance and Prairie Centre Real Estate, serve members across Saskatchewan with locations in 16 rural communities. Cypress Credit Union has branches in six rural communities across southwest Saskatchewan, serving over 4,300 members. Diamond North Credit Union serves over 15,000 members across northeast Saskatchewan, with service locations in eight communities.

“This is a significant milestone in the exploration of a partnership between our three credit unions,” said Greg Hannay, Board Chair of Prairie Centre Credit Union. In early September, the members of the three credit unions will vote on the potential merger.

Members will have from September 4 at noon to September 10 at 6:00 p.m. to vote online or in-branch on the potential merger. In advance of the voting, each of the three credit unions will hold a special meeting of members, where a motion will be made allowing the proposed merger to be voted on by members.

“As we explored this partnership, our members have had many opportunities to share their feedback, ask questions and learn more,” said Greg Pagan, the Board Chair of Diamond North Credit Union. “There were in-person open houses in June, the ability to ask questions through www.drivingruralprosperity.ca, and on social media, and the chance to talk with employees when they come into a branch.” In addition, two virtual information sessions were planned for mid to late August.

“The virtual information sessions are a way for our members to come together, ask questions, and find out more about the merger and the benefits we believe it will deliver,” said Kelly Bakanec, the Board Chair of Cypress Credit Union. “We invite our members to join us for one of the two Merger Monday information sessions.” Members can register for the date they prefer on their credit union website.

Members will have from September 4 at noon to September 10  at 6:00 p.m. to vote online or in-branch on the potential merger.

“Credit union members always have a voice, and our members are in the driver’s seat of this merger,” said Greg Hannay, Board Chair of Prairie Centre Credit Union.