Thrivent Financial for Lutherans Approved by FDIC, Banking Merger, …

Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC) has given the green light to Thrivent Financial for Lutherans’ ambitious plan to merge with Thrivent Bank, setting the stage for a new era in the banking industry.

The merger, approved by the FDIC Board of Directors, will see Thrivent Financial Holdings, a subsidiary of Minneapolis-based Thrivent Financial for Lutherans, establish Thrivent Bank as an industrial bank based in Salt Lake City, Utah. Accompanying this move is the approval to merge Thrivent Federal Credit Union (TFCU) from Appleton, Wisconsin, into Thrivent Bank.

Thrivent Bank’s business model will focus on a digital footprint, with no physical branch locations, offering services exclusively online. The institution plans to offer a diverse loan portfolio primarily funded by core deposits and centered around consumer loans, adopting a traditional bank business model while being inclusive of customers regardless of religious affiliation.

FDIC applications for deposit insurance are rigorously evaluated under seven factors, including financial history, capital structure adequacy, future earnings prospects, management character, risk to the Deposit Insurance Fund, community convenience and needs, and corporate powers alignment with the Federal Deposit Insurance Act. Thrivent Bank’s approval is subject to an establishment within 12 months of the decision.

“This approval marks a significant milestone for Thrivent Financial and its customers,” said FDIC Chairman Gruenberg. “We are confident that Thrivent Bank will serve the needs of its community with the strength and stability that comes with FDIC insurance.”

The merger approval order, deposit insurance approval order, and additional information can be found on the FDIC’s website. For more information, contact Brian Sullivan at 202-412-1436.