MINNEAPOLIS and APPLETON, Wis. (1/17/12)--Thrivent Financial for Lutherans, with dual headquarters in Minneapolis and Appleton, Wis., will convert its bank subsidiary to a credit union pending approval from the National Credit Union Administration and other regulators, several news outlets reported Friday.
Thrivent FCU, as the credit union would be called if approved, would open around mid-year (Minneapolis/St. Paul Business Journal Jan. 13).
The proposed credit union would have about $530 million in assets and 40,000 members.
The bank was formed in 2001 through the consolidation of three affiliated credit unions, a trust bank and a community bank. At that time, Thrivent opted for a thrift charter because it provided the most flexibility, said Todd Sipe, Thrivent Financial Bank president/CEO (American Banker Jan. 13).
Sipe would stay on as CEO of the new credit union.