Thrivent Bank has officially commenced operations, marking a milestone as the first bank with an Industrial Loan Company (ILC) charter to open since 2020 and only the third since 2006.

This launch finalises the merger of Thrivent Credit Union into the newly established bank.

A subsidiary of Thrivent, a Fortune 500 financial services firm, Thrivent Bank aims to integrate the principle of generosity into its banking practices.

The bank applied for the ILC charter in 2021 and received conditional approval from the Utah Department of Financial Institutions (UDFI) and the Federal Deposit Insurance Corporation (FDIC) last year.

The official charter was granted at Thrivent Bank’s headquarters in Salt Lake City.

Thrivent president and CEO Terry Rasmussen said: “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.”

With a growing number of Americans, particularly younger and more diverse individuals, seeking new banking options each year, Thrivent Bank intends to address this demand through a client-focused approach.

The bank will prioritise digital-first banking and cash management solutions, empowering clients to make informed financial decisions that align with their long-term objectives.

As of 1 June 2025, members of Thrivent Credit Union have transitioned to clients of Thrivent Bank, which is dedicated to providing the same service that they have come to expect.

Additionally, Thrivent Bank plans to unveil a new digital banking experience later this year.

Thrivent currently serves over 2.4 million clients through a network of financial advisors nationwide and manages more than $193bn in assets as of 31 December 2024.

Last month, Thrivent announced plans to recruit around 600 financial advisors in 2025 for various positions across different advisory models, focusing on enhancing and expanding advisor teams.