Thrivent Financial Bank, based in Minneapolis, Minn. with nearly $500 million in assets, has received regulatory approval to change from a bank to a not-for-profit credit union.
The conversion will occur this weekend. Starting Monday, Thrivent Financial Bank’s two branches will open as Thrivent Federal Credit Union. The website is changing on Saturday.
More than 46,000 customers of Thrivent will become members of the new credit union.
The conversion to a credit union was a move to avoid stricter bank regulation and requirements imposed by the Dodd-Frank Act. Becoming a credit union was an alternative to liquidation, David Royal deputy general counsel for Thrivent Financial, told the Star Tribune.