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Foam Lake Credit Union has enjoyed over 84 years of providing financial services to the members of Foam Lake and surrounding areas. We are a very financially strong and healthy organization; however, we are facing some challenges especially in the areas of technology – both with existing and emerging technologies. We also must ensure that our members’ information remains safe and secure as the threat of cyber attacks continues to evolve at a very fast pace. By proactively recognizing these issues and partnering with a larger organization, these challenges can be better managed with much more vibrant and comprehensive technology support.
Through a very comprehensive and thorough due diligence process we 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 100% committed to rural, small-town Saskatchewan, was the best fit for the future of our organization and is absolutely the right choice for our members, our community and our employees. Currently, Prosperity Credit Union operates in 30 rural communities across Saskatchewan. You can learn more about Prosperity Credit Union on their website – www.prosperitycu.ca
As a co-operative organization, the members of Foam Lake Credit Union must vote to approve the partnership/merger. We will continue to provide up to the date communication to our members through the summer and early fall, with an electronic voting process expected to happen near the end of September. We will be providing more information in the coming weeks and months as far as the approval process and voting instructions. Once the members approve the partnership/merger, the effective date is planned for January 1, 2026.
Check back to our website for regular and timely updates as we move forward with this exciting initiative.