Foam Lake Partnership

 

Prosperity Credit Union Recommends Merger with Foam Lake Credit Union to Drive Rural Prosperity

Prosperity Credit Union’s Board of Directors is recommending a merger with Foam Lake Credit Union, building on our shared commitment to Driving Rural Prosperity. This recommendation reflects our united vision to create a stronger, more resilient financial institution that can better serve the evolving needs of the rural communities we proudly represent across Saskatchewan.

By joining forces, we will combine our resources, expertise, and local insights to deliver even greater value to our members, enhancing financial products and services while continuing our deep-rooted dedication to community development and cooperative principles.

 

 Foam Lake Website
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Foam Lake and Prosperity Credit Union Statistics
Foam Lake and Prosperity Credit Union Statistics

FAQ's

Why are we recommending a partnership/merger with Foam Lake?

Prosperity Credit Union is recommending this merger as a strategic step to strengthen our ability to serve members across rural Saskatchewan. Foam Lake Credit Union is a financially sound organization with over 84 years of service to its community. It shares many similarities with the 30 rural communities we currently serve; values-driven, community-focused, and deeply committed to local prosperity. 

 

While Foam Lake remains strong, it faces challenges in keeping pace with rapidly evolving technologies and increasing cybersecurity threats. By merging, we can provide enhanced technology infrastructure, stronger cybersecurity, and broader support, ensuring both organizations are well-equipped to meet the future needs of our members.


This partnership aligns with Prosperity Credit Union’s long-standing commitment to providing high-quality financial services to rural Saskatchewan, and we believe it will create lasting value for all members.

Will a membership vote be required?  

As part of the merger process, Foam Lake Credit Union members will be required to vote to approve the proposed amalgamation. Their vote will take place from September 24 to October 1, 2025  and is a key step in their cooperative governance model and ensures member involvement in major decisions.  


Prosperity Credit Union members will not be required to vote. According to the Credit Union Act, when the merging credit union represents less than 10% of the total asset size of the amalgamating credit union, as is the case with Foam Lake, the amalgamation may be approved by the Board of Directors of Prosperity Credit Union.


Our Board has carefully reviewed the proposal and is recommending the merger based on its strategic benefits and alignment with our commitment to serving rural Saskatchewan. 

What timelines are proposed?

Pending approval by the members of Foam Lake Credit Union, who will vote between September 24 and October 1, 2025, the legal merger date is planned for January 1, 2026.


Following the legal merger, integration activities will begin and continue throughout 2026. These activities will focus on aligning systems, services, and operations to ensure a smooth transition for all members, while maintaining our commitment to personalized service and community support.


Prosperity Credit Union will continue to provide regular updates to keep members informed every step of the way.