Utah's Commissioner of Financial Institutions Conditionally Approves the Industrial Bank Charter of Thrivent Bank

Utah’s Commissioner of Financial Institutions Conditionally Approves the Industrial Bank Charter of Thrivent Bank

Salt Lake City – Commissioner Darryle Rude of Utah’s Department of Financial Institutions announced that today, June 14, 2024, he signed an Order conditionally approving an application to establish Thrivent Bank as a Utah state-chartered industrial bank. The approval is conditioned upon, among other things, the applicant obtaining federal deposit insurance from the Federal Deposit Insurance Corporation.

Thrivent Bank’s approval is the second industrial bank approval announced today and is the fourth industrial bank charter granted by Utah’s Commissioner of Financial Institutions since 2008.

Thrivent Bank will offer banking products to consumers and businesses nationwide, expanding the reach and impact of Thrivent’s mission to help clients build their financial futures. The Bank will be a digital-first bank offering a full suite of deposit and lending products. Thrivent Bank will be a wholly owned subsidiary of Thrivent Financial Holdings, Inc., which is a wholly owned subsidiary of the Wisconsin-registered fraternal benefit society Thrivent Financial for Lutherans.

Utah’s Department of Financial Institutions is responsible for chartering, regulating, supervising, and examining state-chartered financial institutions. The financial services companies and individuals regulated by the department represent Utah state-chartered Banks, Industrial Banks, Holding Companies, Credit Unions, Trust Companies, Consumer Lenders, Commercial Lenders, Money Transmitters, Mortgage Servicers, Money Services Businesses, and Escrow Companies.

As of March 31, 2024, Utah-chartered depository institutions had combined total assets of $411 billion. Utah’s Department of Financial Institutions charters and regulates roughly 87 percent of the nation’s industrial bank assets and has supervised these FDIC-insured banks for over 35 years.