Foam Lake Credit Union

Exploring a Shared Vision

Foam Lake and Prosperity Credit Union

Foam Lake and Prosperity Credit Unions explore a partnership while Driving Rural Prosperity.

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.

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 financially strong and healthy organization; however, we are facing some challenges, especially in the areas of technology, both with existing and emerging technologies. We are committed to ensuring our members’ information remains safe and secure as the threat of cyber-attacks worldwide 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 highly committed to rural, small-town Saskatchewan, was the best fit for the future of our organization. We believe it is 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 timely and relevant communication to our members through the summer and early fall leading to a membership vote 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 of the legal merger is planned for January 1, 2026.

Check back to our website for regular updates as we move forward with this exciting initiative.

Members can vote anytime between Wednesday, September 24 at 9:30am until Wednesday, October 1 at 4pm. Members can vote online, or in-person electronically at the Foam Lake Credit Union 402 Main Street, Foam Lake, SK.

All current Foam Lake Credit Union employees will remain on staff with the new organization, however, their individual roles and/or duties may be changed or altered depending on the situation. If there are some job duties or roles that change, it is expected that this will happen gradually and in the best interests of our members’ needs and employee strengths.

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.

Foam Lake Credit Union has always been a community leader when it comes to supporting local charities, organizations, health and education. This will continue with the new organization, as 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.

Yes, under the terms of the agreed upon merger/partnership 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.

Foam Lake and Prosperity Credit Union explore a partnership. May 8, 2025

Foam Lake and Prosperity Credit Union Announcement. July 21, 2025

Notice of Special Meeting of Members September 2, 2025

Foam Lake and Prosperity Credit Union Host Information Night September 18, 2025

Foam Lake Members Vote in Favour of Merger October 3, 2025