Synergy Credit Union

Background

Founded in 1943, Synergy Credit Union is a member-owned financial institution headquartered in Lloydminster, Saskatchewan, Canada. With over 27,000 members across 12 communities in northwestern Saskatchewan, Synergy is the fifth-largest credit union in the province, managing over $2.5 billion in combined on- and off-balance sheet assets.

Mission: To provide financial, wealth management, and payment services to individuals and corporations for the benefit of members and communities.

Vision: To be a $5 billion credit union driven by an unmatched member experience, demonstrating a culture of member and community connectedness that embraces change.

Key Strategic Focus

Synergy Credit Union focuses on delivering comprehensive financial services, including personal and business banking, wealth management, and payment solutions. The credit union emphasizes accessibility through traditional branches, the nationwide 'ding free' AccuLink® ATM network, online and mobile banking platforms, and a dedicated Member Contact Centre.

Financials and Funding

As of 2024, Synergy Credit Union manages over $2.5 billion in assets. In 2023, the credit union allocated more than $11.7 million to members through its ProfitShares program, reflecting its commitment to member economic participation.

Technological Platform and Innovation

In December 2023, Synergy Credit Union partnered with Kuusoft to implement NexSigns digital signage solutions across all branches, enhancing member engagement by displaying dynamic rate information and marketing materials. Additionally, in 2023, the credit union launched Finn, an enhanced live chat bot, to improve member support services.

Leadership Team

Trevor Beaton: Appointed Chief Executive Officer on January 1, 2025, bringing over 25 years of experience in the financial industry, including 19 years in senior leadership and 8 years at the executive level.

Brent Bergen: Chief Operating Officer.

Christine Tucker: Chief Financial Officer.

Harmolk Brar: Chief Risk Officer.

Miranda Reid: Corporate Secretary and Executive Administrator.

Leadership Changes

On December 31, 2024, Glenn Stang retired as CEO, with Trevor Beaton succeeding him on January 1, 2025.

Competitor Profile

Market Insights and Dynamics:

The credit union sector in Saskatchewan is competitive, with institutions striving to offer comprehensive financial services and innovative solutions to attract and retain members.

Competitor Analysis:

Conexus Credit Union: Manages almost $10 billion in assets, serving over 141,000 members across 30 locations in Saskatchewan.

Cornerstone Credit Union: Holds over $2.5 billion in assets, with 15 branches serving over 30,000 members in East-Central Saskatchewan.

Strategic Collaborations and Partnerships

In November 2024, Synergy Credit Union announced its intent to explore a potential merger with Conexus Credit Union and Cornerstone Credit Union. This partnership aims to create a stronger, more resilient province-wide credit union to better serve members and communities.

Operational Insights

Synergy Credit Union differentiates itself through a strong commitment to member economic participation, demonstrated by its ProfitShares program, and a focus on technological innovation to enhance member experience.

Strategic Opportunities and Future Directions

The potential merger with Conexus and Cornerstone Credit Unions presents an opportunity for Synergy to expand its market presence, leverage combined resources for technological advancements, and enhance service offerings to members.