MINNEAPOLIS--(BUSINESS WIRE)--Thrivent Financial has received approval from federal regulators to charter a member-owned, member-governed federal credit union. The transaction will include the transfer of all of Thrivent Financial Bank’s deposits and virtually all of its other liabilities and assets to the credit union, effective Dec. 1, 2012. The newly formed credit union will have approximately $500 million in assets, making it one of the largest faith-based credit unions in the United States.
As part of the transaction, all loan and deposit customer accounts held at Thrivent Financial Bank as of the transaction (including individual retirement accounts not serviced by Thrivent Financial Bank’s Trust & Investment Services business) will be transferred to Thrivent Federal Credit Union. Existing trust accounts, investment management accounts and those individual retirement accounts currently serviced by Thrivent Financial Bank’s Trust & Investment Services business will continue to be serviced and supported at Thrivent Financial Bank, under a new name, “Thrivent Trust Company.” Thrivent Trust Company will be a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Federal Credit Union will not be owned by Thrivent Financial for Lutherans, but will instead be owned by its credit union members.
Current Thrivent Financial Bank clients will become member-owners of Thrivent Federal Credit Union upon the transfer of their accounts to the credit union. There were 46,422 clients as of Oct. 1, 2012.
After Dec. 1, anyone within the credit union’s “field of membership” is eligible to apply for membership. (See the frequently asked question: “How will new members be able to join the credit union?”)
“Thrivent Federal Credit Union is a logical fit with Thrivent Financial for Lutherans’ history of aligning faith and finances,” said Todd Sipe, who will be president of Thrivent Federal Credit Union. “We will be able to offer a unique combination of financial expertise, competitive products and educational services, and shared values with our members. Our purpose will be to strengthen communities by helping members be wise with money so they can support the people and causes they care about.”
Existing Thrivent Financial Bank clients will be receiving additional information about the transition, but are encouraged to call 800-984-9428 with any questions.
About Thrivent Federal Credit Union
As one of the largest faith-based credit unions in the United States, Thrivent Federal Credit Union offers a unique combination of financial expertise, shared values with its members and competitive products including: checking and savings accounts, mortgages, consumer loans, Health Savings Accounts, and business lending and cash management. With approximately $500 million in assets, Thrivent Federal Credit Union is well positioned to help guide, support and inspire members to achieve financial well-being. For more information, visit Thriventcu.com (available Dec. 1).
Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent Financial for Lutherans or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, Thrivent Financial Bank or Thrivent Trust Company, are not guaranteed by Thrivent Federal Credit Union, Thrivent Financial Bank, Thrivent Trust Company or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested.
About Thrivent Financial for Lutherans
Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.5 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit Thrivent.com. Also, you can find us on Facebook and Twitter.
Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, 800-847-4836, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial.