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Thrivent Financial to convert for-profit bank into a credit union

Minneapolis-based Thrivent Financial for Lutherans is converting its bank into a nonprofit credit union.

Once regulators approve, the insurance and investment company with 2.5 million members will change its for-profit Thrivent Financial Bank to Thrivent Federal Credit Union.

Other insurers, such as life insurer MetLife, have announced plans to exit the banking business to get out from under the regulatory eye of the Dodd-Frank Act, new regulations for banks and financial companies adopted in response to the financial crisis of 2008.

That was a driving factor for Thrivent's move as well. The regulations created new costs and burdens for bank holding companies, said Todd Sipe, the bank's president and chief executive officer who will head up the credit union. The regulations were particularly onerous for banks owned by insurance companies, he said.

Thrivent's bank, founded in 2001, has $1.1 billion in assets under management and 40,000 clients. After the transition, expected by midyear, trust services with $580 million in assets will remain with Thrivent Financial and traditional banking functions will split off to form the credit union with $530 million in assets under management but with potential for growth as a subsidiary of Thrivent Financial. The credit union's potential clients are the 2.5 million members of Thrivent Financial for Lutherans.

The National Credit Union Administration must approve the new charter before the changes take place. With other required regulatory approval, the credit union is expected to open in summer.

"We actually think the credit union model will serve our members better than the current bank charter," Sipe said.

The credit union will offer all traditional bank services such as checking and money market accounts, CDs, mortgages, home equity and consumer loans.

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