News | Prosperity Credit Union

Announcements

Boards Unanimously Approve Recommendation to Unite Foam Lake and Prosperity Credit Unions

For immediate release July 21, 2025

Following a comprehensive due diligence process and careful review of the business case, the Boards of Directors of both Foam Lake Credit Union and Prosperity Credit Union have unanimously approved the proposed amalgamation and are now formally recommending the merger of the two organizations.

“This proposed partnership is about building something stronger together,” said Greg Hannay, Board Chair of Prosperity Credit Union. “We believe that by joining forces with Foam Lake, we can create a more resilient organization that’s better equipped to meet the needs of our all our members today and for generations to come”

The decision is grounded in a shared vision to Drive Rural Prosperity by creating a combined credit union that can offer enhanced value to members, increased support for employees, and deeper investment in rural Saskatchewan. The amalgamated credit union would be better positioned to provide a broader range of financial services, leverage technology more effectively, and ensure long-term sustainability.

“Our Board’s recommendation reflects our commitment to ensuring a vibrant future for our members and our community,” added Victor Loeppky, Board Chair of Foam Lake Credit Union. “We’ve taken a thoughtful and thorough approach to this process, and we believe this amalgamation represents an exciting opportunity for continued growth and sustainability.”

Credit unions face continued pressures from rising costs, economic uncertainty, and shifting member expectations. This partnership presents a meaningful opportunity to strengthen service delivery while protecting the local relationships that members count on.

Next steps in the process include seeking approval from regulatory bodies, conducting a robust member engagement process, and holding a formal vote of the Foam Lake Credit Union membership. This vote will take place in the coming months and will give Foam Lake members the final say on whether to proceed with the proposed amalgamation. Member input and involvement remain a vital part of this journey, and both credit unions are committed to ensuring members are well-informed and heard throughout.

Should the amalgamation be approved, the combined credit union would:

•    Operate 31 service locations across Saskatchewan
•    Employ over 320 people
•    Serve more than 38,000 members
•    Administer over $3.0 billion in assets
•    Offer personal, agricultural, and business banking, as well as insurance and wealth management services

About Foam Lake Credit Union:
Foam Lake Credit Union Limited is committed to providing services tailored to meet the needs of Foam Lake and the surrounding rural communities. Foam Lake serves over 3,200 members and is committed to improving the financial well-being of the members and the community they serve through services tailored to meet the needs of the members and the community.

Contact:
Kent McMann, General Manager
Telephone: 306-272-3385
Email: kent.mcmann@foamlakecu.com

About Prosperity Credit Union:
Prosperity Credit Union is a full-service, locally operated financial institution, offering personal, agriculture, commercial banking products and services to more than 33,000 members. Prosperity Credit Union also owns subsidiaries offering general and property insurance and real estate services. Prosperity Credit Union, along with its subsidiaries, serves communities across Saskatchewan with service centers in 30 rural locations. Prosperity Credit Union is committed to serving the people within its communities and believes there is good business to be done in rural Saskatchewan.

Contact:
Blair Wingert, Chief Executive Officer
Telephone: 306-882-5562
Email: @email

Foam Lake and Prosperity Credit Union Explore a Partnership

For immediate release (May 2025)

The exploration of this partnership is driven by the shared vision of both Credit Unions to continue on the road of Driving Rural Prosperity while building a more robust and resilient financial institution that can better serve the evolving needs of the Saskatchewan rural communities they proudly represent. By combining resources, expertise, and local insights, the Credit Unions aspire to provide an even higher level of financial products and services while maintaining their unwavering commitment to community development.

Given the ongoing pace of change and rising costs, sustaining long term success is becoming increasingly complex. The potential partnership will align with the Credit Unions’ commitment to fostering economic growth and prosperity in the regions they serve. By joining forces, they aim to achieve economies of scale, improve operational efficiency, and create a more competitive presence in the financial landscape.

The role of the Joint Partnership Committee is to explore their combined ability to create tangible value and benefits for all members of the Credit Unions. The committee will explore the joint strategic vision, skills, and capacity to make a difference for their employees and members and advance the lives of the people of rural Saskatchewan.

The Credit Unions are committed to keeping their members, employees and communities informed about the progress of the partnership. Regular updates and opportunities for feedback will be provided to ensure that all stakeholders have a voice in shaping the future of their financial institutions.

The combined Credit Union would create a network of 31 service locations, offering personal, agriculture, business banking, insurance, and wealth management advice and solutions. In addition, the Credit Union would have over 320 employees, serve over 38,000 members, and hold over $3.0 billion in assets under administration.

Contact:
Kent McMann, General Manager
Telephone: 306-272-3385
Email: kent.mcmann@foamlakecu.com

About Prosperity Credit Union:
Prosperity Credit Union is a full-service, locally operated financial institution, offering personal, agriculture, commercial banking products and services to more than 33,000 members. Prosperity Credit Union also owns subsidiaries offering general and property insurance and real estate services. Prosperity Credit Union, along with its subsidiaries, serves communities across Saskatchewan with locations in 30 rural communities. Prosperity Credit Union is committed to serving the people within its communities and believes there is good business to be done in rural Saskatchewan.

Contact:
Blair Wingert, Chief Executive Officer
Telephone: 306-882-5562
Email: @email