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 were required to vote to approve the proposed amalgamation. Their vote took place from September 24 to October 1, 2025, and Foam Lake Credit Union members have voted 86.1% in favor of merging with Prosperity Credit Union.

Prosperity Credit Union members were not 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.

What timelines are proposed?

Pending regulatory approval, 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.