• Thrivent Bank is a full-service digital bank.

• Industrial Loan Company (ILC) charter is first approved since 2020; one of only 24 in operation in the U.S.

MINNEAPOLIS [June 2, 2025] — Thrivent Bank has officially launched operations, becoming the first bank with an ILC charter to open since 2020 and only the third since 2006. This launch also completes the merger of Thrivent Credit Union into the newly formed bank.

“For over 120 years, Thrivent has provided purpose-based advice and now we’re expanding in banking to grow and serve even more people,” said Terry Rasmussen, Thrivent president and CEO. “Thrivent Bank combines our legacy of trusted financial advice with a modern, client-first banking solution. Thrivent Bank will help us build relationships with younger clients earlier in their financial journeys – who we can then serve throughout their lives.”

Thrivent Bank is a subsidiary of Thrivent, a Fortune 500 financial services company that puts generosity at the heart of saving and investing. Thrivent applied for the ILC charter in 2021 and received conditional approval last year from the Utah Department of Financial Institutions (UDFI) and Federal Deposit Insurance Corporation (FDIC). On Monday, the company officially received the charter at Thrivent Bank’s headquarters in Salt Lake City.

The formation of Thrivent Bank begins a new chapter in banking. Thrivent believes money is a tool, not a goal. This philosophy will shape every aspect of the bank’s experience, from product design to client relationships.

“Thrivent Bank will set a new standard in banking by genuinely putting the clients at the center of every decision and infusing digital banking with purpose-based advice,” said Brian Milton, president and CEO of Thrivent Bank. “Thrivent forms deep, long-held client relationships based on service and trust. We look forward to building on that foundation of trust with banking solutions that combine transparency and fairness with tools that truly help empower financial confidence.”

With millions of Americans seeking a new bank each year—many of them young, diverse, and values-oriented—Thrivent Bank plans to meet the demand with a client-centered approach. Thrivent Bank will focus on digital-first banking and cash management solutions that empower clients to make responsible financial decisions aligned with their long-term goals.

Members of Thrivent Credit Union are now clients of Thrivent Bank, effective June 1, and the bank is committed to delivering the same exceptional service they have long appreciated.

Thrivent Bank plans to introduce a new digital banking experience later this year.

About Thrivent
Thrivent is a Fortune 500 financial services company that helps build, grow and protect financial well-being through purpose-driven advice, investments, insurance, banking and generosity programs. Thrivent serves more than 2.4 million clients through thousands of financial advisors across the country and has more than $193 billion in assets under management/advisement (as of 12/31/24). Thrivent carries strong financial ratings from independent rating agencies - including AM Best, Moody's and S&P Global Ratings - which demonstrate the company’s financial strength, stability and ability to pay claims. Ratings don't apply to investment product performance and more information can be found on each rating agency's website. For more information about Thrivent, visit Thrivent.com or find us on Facebook, Instagram and LinkedIn.