The NCUA has approved the change of charter of the roughly $500 million Thrivent Financial Bank into the Thrivent Financial Federal Credit Union.
The Wisconsin bank is a subsidiary of Thrivent Financial for Lutherans, the largest mutual insurance company in the country and has been operating since 2001, when the insurer formed it out of two existing credit unions.
The agency said that the bank's current depositors will become member-owners of the credit union after the charter change. The credit union will have a potential membership of 2.5 million people nationwide.
“It is indeed noteworthy that the Thrivent management team recognizes the many benefits of the federal credit union charter,” said NCUA Board Chairman Debbie Matz. “With substantial assets and a strong membership base, Thrivent is well-positioned to achieve success. I congratulate everyone who worked to make this conversion possible.”
The new credit union will serve members from two offices, one located in Minneapolis and the other in Appleton, Wis., as well as through online transactions.
In addition to NCUA, the Federal Deposit Insurance Corporation, the Federal Reserve and the Office of the Comptroller of the Currency had to approve the charter change.