Thrivent Financial to become credit union

Thrivent Financial Bank will become Thrivent Federal Credit Union as of Dec. 1, creating one of the United States’ largest faith-based credit unions.

The newly formed credit union will have approximately $500 million in assets. As of Dec. 1, all loan and deposit customer accounts held at Thrivent Financial Bank will be transferred to Thrivent Federal Credit Union. Current Thrivent Financial Bank clients will become member-owners of the credit union upon the transfer of their accounts. There were 46,422 clients as of Oct.1, 2012.

Existing trust accounts, investment management accounts and those individual retirement accounts will continue to be serviced and supported at Thrivent Financial Bank under the 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.

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