The Utah Department of Financial Institutions has authorized Thrivent Bank to open for business as a state-chartered industrial bank. The new bank began operations on June 1.
On Feb. 19, 2021, Thrivent Financial Holdings Inc. of Minneapolis, Minnesota, 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.
The bank was given conditions for opening that included activation of federal deposit insurance and securing all regulatory approvals necessary to merge the firm’s Thrivent Federal Credit Union with Thrivent Bank. These requirements have been met and the department authorized the bank to open.
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 Minneapolis and Appleton, Wisconsin.
The local Thrivent Bank will offer a full range of consumer and commercial banking products and services, including deposits and loans.
There are now 16 industrial banks operating in Utah. As of March 31, Utah industrial banks had total assets of $220 billion. Thrivent Bank is the first new industrial bank to open in Utah since 2021.
