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.
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