Welcome to Prosperity Credit Union, Foam Lake
You’re officially part of something bigger and it starts right here. As of January 1, Foam Lake Credit Union officially became part of Prosperity Credit Union, a growing member owned cooperative built by and for people in rural Saskatchewan. We are genuinely proud to welcome the Foam Lake community into the Prosperity family. By saying yes to this transition, you’ve become part of a larger movement focused on strong local communities, cooperative values, and putting members first. Together, we are building a credit union that is here for today, tomorrow, and the generations that follow
"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."
Why did we recommend a partnership with Foam Lake?
Prosperity Credit Union recommended 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.
Foam Lake Credit Union Member FAQs
- Why did Foam Lake Credit Union choose to merge with Prosperity Credit Union?
Through a comprehensive and thorough due diligence process, Foam Lake Credit Union considered many options, including analyzing and assessing all options within the current credit union landscape. However, the Management and Board of Directors unanimously concluded that the Prosperity model, which is highly committed to rural, small-town Saskatchewan, was the best fit for the future of our organization.
- When will the merger take effect?
January 1, 2026. Throughout 2026 work will begin on building an integration approach that will cause the least disruption possible to everyday banking services.
- Will the hours of operation, location or phone number change for the Foam Lake branch?
No, the current hours of operation, 8:30 am to 4:00 pm, Monday through Friday will stay the same; as will the location (402 Main Street, Foam Lake, SK) and the phone number (306-272-3385) will also remain as is.
- Can I still use Foam Lake Credit Union cheques and cards if I am a Foam Lake member?
Yes, please continue to use your existing cheques and cards. The credit union name displayed on cheques or cards will not impact either of these payment options.
As cheques and cards are reissued they will be branded with Prosperity Credit Union information.
- Will my digital banking app or online channel change if I am a Foam Lake member?
No, mobile apps and online banking will not require any changes as of January 1, 2026. If you are a Foam Lake member, you will continue to sign on through the existing Foam Lake Credit Union link to access your digital banking platform.
In the latter half of 2026 after the banking systems have merged, members will then access the digital banking platform through the Prosperity Credit Union link. We will be sure to keep you posted of any changes through emails, websites, in-branch messaging, and social media.
- Will deposits still be guaranteed for Foam Lake members?
Yes. The merger will not affect the deposit guarantee. Deposits are 100% guaranteed today through Credit Union Deposit Guarantee Corporation for both Foam Lake Credit Union and Prosperity Credit Union.
- Will there be changes to account products, interest rates, and service charges for Foam Lake members?
All areas of Foam Lake's business will be assessed as the merger work continues. Over time, our combined size and strength will be leveraged to provide new solutions and positive improvements to the products, services, pricing, and technology we offer today.
- How will the Board of Prosperity Credit Union be set up?
Under the terms of the agreed upon merger agreement, Foam Lake will have two representatives on the Prosperity Board of Directors for the first year. These will rotate on a 3 year basis within the regions of Prosperity Credit Union.
- Where will the head office be? Will management/leadership be centralized?
Supporting employment in all our communities is a key priority for Prosperity Credit Union. We operate with a decentralized leadership and administrative model with teams spread out between service locations and through remote work arrangements. In today’s world, technical advancements have made remote workplace models very attractive and efficient, and our intent is to continue to operate decentralized going forward.
- Will any employees lose their jobs because of the merger?
All current Foam Lake Credit Union employees will remain on staff with the new organization.
- Will there be profit sharing and community sponsorships?
Prosperity Credit Union is committed to giving back to each of the communities they serve. In addition to monetary assistance, employees are encouraged to volunteer and assist with local groups and organizations, as well as providing support with any new initiatives. This is a vital component of the cooperative principles which will remain true as we move forward. Profit sharing & patronage programs will be evaluated and may be redesigned to align with what is important to the member.