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Thrivent Financial Bank Plans To Convert To Credit Union

Tuesday, December 13, 2011 - 2:51 PMThrivent Financial Bank - Details
Thrivent is still seeking regulator approval. The letter I received said they hope to receive approval in the first half of 2012. Apparently, existing bank customers would become members of the new credit union.
bloggingnamebloggingname1 posts since
Dec 13, 2011
Rep Points: 3
1. Tuesday, December 13, 2011 - 4:23 PM
Very interesting. I don't remember another bank that converted into a credit union. I wonder what their field of membership will look like.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
2. Tuesday, December 13, 2011 - 4:36 PM
Yes, very interesting. And it will be very intersting to find out the field of membership.

In looking at their Website, possibly there is some hint: faith based, Lutheran. 

The banking side heavily promotes that anyone anywhere in the country can bank with them, no need for any Lutheran connection -- and I hope they take that approach as a credit union. But on the non-banking side, which requires membership, they have a field of membership that is Lutheran based:

Join Us - Thrivent Financial for Lutherans

You are eligible to apply for membership in Thrivent Financial for Lutherans if you meet one of the following:
  • You profess to be Lutheran and are a current or former member of a Lutheran congregation or the youth is a current member of a Lutheran congregation or is being raised Lutheran.
  • You are a family member of a Lutheran, or a person serving or associated with Lutherans, or Lutheran organizations or their family members.
  • You are associated with and provide support for strengthening the membership efforts of Thrivent Financial for Lutherans to meet its mission.
We will see which side prevails when it becomes a credit union.
me1004me1004373 posts since
Jan 16, 2010
Rep Points: 2,600
3. Friday, December 16, 2011 - 4:28 PM
My letter said my bank account there would be automatically transferred to the credit union when it comes into existence.  Anyone, regardless of religion or none, can open an account at Thrivent Bank.  Thrivent Financial for Lutherans is different and faith-based.  It is not of use to someone who isn't Lutheran, since presumably you don't want books to instruct your kids in Lutheranism, etc.
susan1susan11 posts since
Dec 16, 2011
Rep Points: 2