Prosperity assets nearly double after credit union mergers

By Ian MacKay

The merger of three rural credit unions helped almost double the assets of what is now Prosperity Credit Union to about $2.3 billion.

The value of its assets had increased from about $1.2 billion since the end of 2024, members learned during Prosperity’s annual general meeting, held by Zoom on April 27.

The loan portfolio of Prosperity Credit Union, officially created in 2025 by the merger of the Cypress, Diamond North and Prairie Centre credit unions, climbed to about $1.7 billion from nearly $978 million at the end of 2024, members learned during Prosperity’s online annual general meeting on April 25. Photo by Ian MacKay

Prairie Centre, based in Rosetown, officially joined with Cypress and Diamond North credit unions on Jan. 1, 2025, and the new entity added Foam Lake Credit Union last fall. Prosperity has about 35,000 members spread over 31 branches, ranging from Fox Valley in the southwest to Arborfield, east of Nipawin, in the northeast.

The past year “was definitely a milestone year,” said chief financial officer Lesley Carlson after giving highlights of the monetary gains the new entity experienced through 2025.

The loan portfolio jumped to about $1.7 billion from almost $978 million before the merger, the financial report shows.

Loans actually grew 1.2 per cent, “compared to our planned six per cent,” due to members’ more careful approach because of “uncertainty in the broader economy,” the other part of the report said.

Staff are still working to integrate the systems, Greg Hannay of McGee, who chairs the board, said during the meeting. The three-part merger involved credit unions with shared purposes and were “not takeovers,” Hannay said.

“We saw healthy asset growth, supported in part by an above-average harvest across much of our trading area,” he said about 2025.

“Standing still is not an option,” chief executive Blair Wingert said. “We are using technology, data and analytics to deepen our understanding of our members so we can serve them with better insight and intention.”

Wingert said executives would listen to members “through expanded feedback channels and ongoing dialogue,” noting that agriculture and related businesses “will always be our strength” as Prosperity “expands thoughtfully across Saskatchewan.”

He and Hannay also offered advice on avoiding scammers during the meeting, ranging from contacting someone at their branch rather than responding to a questionable message or email, to changing passwords often and using a password manager to help keep track of them.

Staff are watching the growth of online banking services, Wingert told a questioner, adding, “I wouldn’t say they’re eating a ton into our business.”

Investments rose to about $413 million from $67 million, mostly in shares or deposits with related financial institutions SaskCentral and Concentra Bank.

Deposits rose to $2.1 billion from about $1.1 billion. Prosperity booked about $97 million as the “contributed surplus resulting from combined business operations,” increasing total equity to about $232.5 million.

The credit union made about $83.7 million in loan interest and $26.3 million from investments. It spent about $56 million on operating costs.