Thrivent Bank Commences Operations as Utah’s Sixteenth Industrial Bank

Thrivent Bank Commences Operations as Utah’s Sixteenth Industrial Bank

The Utah Department of Financial Institutions has authorized Thrivent Bank to open for business as a state-chartered industrial bank.

On February 19, 2021, Thrivent Financial Holdings, Inc. applied to the Department to establish Thrivent Bank as a Utah-chartered, FDIC-insured, industrial bank. The Commissioner of Financial Institutions granted conditional approval of the application in an approval Order dated June 14, 2024. Key conditions included the activation of federal deposit insurance, and securing all regulatory approvals to merge Thrivent Federal Credit Union with and into Thrivent Bank. All opening requirements have been satisfied and the Department authorized the bank to open for business effective June 1, 2025.

Thrivent Bank is a subsidiary of Thrivent Financial for Lutherans, a financial services firm organized as a not-for-profit fraternal benefit society with principal operations in Appleton, Wisconsin and Minneapolis, Minnesota. Thrivent Bank, located in Salt Lake City, Utah, will offer a full range of consumer and commercial banking products and services, including deposits and loans.

Upon opening, Thrivent Bank became the sixteenth FDIC-insured industrial bank operating in the state of Utah. As of March 31, 2025, Utah industrial banks had total assets of $220 billion. Thrivent Bank is the first de novo industrial bank to open in Utah since 2021.

The Utah Department of Financial Institutions is the regulator for all state-chartered banks, industrial banks, and credit unions. The Department also regulates trust companies, independent escrow companies, check cashers, deferred deposit lenders (payday), title lenders, consumer lenders, as well as first mortgage loan servicers, and third-party payment providers (money orders, travelers checks, wire transfers). As of March 31, 2025, Utah-chartered depository institutions had combined total assets of $431 billion.