The NCUA has approved the change of charter of the roughly $500million Thrivent Financial Bank into the Thrivent Financial Federal Credit Union.
|The Wisconsin bank is a subsidiary of Thrivent Financial forLutherans, the largest mutual insurance company in the country andhas been operating since 2001, when the insurer formed it out oftwo existing credit unions.
|The agency said that the bank's current depositors will becomemember-owners of the credit union after the charter change. Thecredit union will have a potential membership of 2.5 million peoplenationwide.
|“It is indeed noteworthy that the Thrivent management teamrecognizes the many benefits of the federal credit union charter,”said NCUA Board Chairman Debbie Matz. “With substantial assets anda strong membership base, Thrivent is well-positioned to achievesuccess. I congratulate everyone who worked to make this conversionpossible.”
|The new credit union will serve members from two offices, onelocated in Minneapolis and the other in Appleton, Wis., as well asthrough online transactions.
|In addition to NCUA, the Federal Deposit Insurance Corporation,the Federal Reserve and the Office of the Comptroller of theCurrency had to approve the charter change.
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