Our future. Your decision.

Each member who was a member of Thrivent Credit Union on June 28, 2024 and remains a member in good standing will receive a distribution payment after the completion of the merger.

Each member will receive a portion of the distribution payment based on the amount of share account deposits the member held at the close of business on June 28, 2024. The amount of distribution will be calculated using a rate of $0.122 for each whole dollar which the member had in their share account(s). Deposits in all share accounts (i.e., membership share, savings, special purpose savings, checking, money market, health savings, and IRA accounts and share certificates) are included for this purpose. Any member whose (i) membership was terminated, or (ii) account(s) closed since June 28, 2024, will not be eligible for a merger dividend payment.

For example, if a member had $5,000 in deposits on June 28, 2024; their estimated payout would be $610. This deposit will be added to the current account balance similar to interest or dividend paid. At the time of the merger, the account balances of all members will remain in their accounts and eligible members will receive a dividend after the completion of the merger.

The ownership distribution payments will be made to eligible members after the merger is completed.

The dividend will be included in the 1099-INT form at the end of the year 2025 (received in January 2026). This form is required only if more than $10 is received throughout the year.

All current accounts will retain their rates, function and features.

Loans with a fixed or adjustable rate will retain their contracted rate, term and payment schedule. It would become a loan with Thrivent Bank, and serviced as it is today.

If the merger is approved, TCU and Thrivent Bank will work together to make the merger as easy as possible for all members.

Members who were in good standing and over the age of 18 as of June 28, 2024 are eligible to vote. Business members with a unique Tax ID are also eligible to vote and will receive a ballot to return on behalf of their organization.

Any member whose (i) membership was terminated, or (ii) account(s) closed since June 28, 2024 will not be eligible to vote.

In order for the member vote to be successful, we must receive votes from 20% of the total members eligible to vote. At the time we reach the threshold, regardless if members are voting For or Against the recommended merger, TCU will donate $20,000 to a charitable organization.

Of the votes received, a majority must vote in favor of the merger for the vote to pass.

Each eligible member will be able to vote one time. Businesses with a unique Tax ID number will also be able to cast their vote on behalf of their organization.

Only the primary member on each account will receive a Ballot and instructions to vote. Each unique member (with a unique Tax ID Number) will be eligible to vote only once, regardless of their number of accounts.

However, if you have a joint membership share account opened between November 2013 – October 2015, both members will be eligible to vote as TCU allowed for joint membership share accounts during that period of time.

Organizations such as churches and non-profits will be able to cast a vote. The authorized representative for the organization can complete the Ballot.

If the merger is approved, we anticipate the merger will become effective and we will operate as Thrivent Bank after May 31, 2025.

If the transaction does not proceed for whatever reason, TCU will operate as a credit union until the Board is able to implement other paths forward, including other merger options. The only viable options at that point would be liquidation, spin off or merger with another credit union.

The proposed merger is the only way for the credit union and its members to stay within the Thrivent family of financial services to continue our shared mission.

Yes, the to-be-formed Thrivent Bank will be FDIC insured.

The intent of Thrivent Bank is to build on the success of TCU, including its employees, operations, and locations. As a newly formed entity, the Thrivent Bank is looking forward to leveraging the current employee base of TCU to operate Thrivent Bank.

All current account rates, terms and features will remain “as is” for consumer accounts, including the ATM fee reimbursement.

Just as TCU is different from other banks and credit unions, Thrivent intends that the Bank will continue our shared mission of helping people achieve financial clarity so they can live full and purposeful lives. It intends to build a simple and transparent full-service product suite, create easy-to-access digital experiences, and provide direct access to human support, with competitive rates.

Thrivent believes that a purpose-driven bank is differentiated in part by fewer, simpler and more transparent products. This will be manifested in simple, fair, and transparent fee structures, and experienced through digital experiences that offer contextual and actionable insights and guidance that help customers advance on their path to better financial clarity and wellness.

All ownership interests will be held by Thrivent, a membership-owned, not-for-profit organization and holistic financial services company.

While Thrivent Bank will be a for-profit business, it will be wholly owned by Thrivent, a membership-owned, not-for-profit organization and holistic financial services company.

For the purposes of preparing for the member vote we needed to set a date by which we could pull data and prepare calculations and other information. We chose June 28 based on the proximity of the approvals received by the future Thrivent Bank from their regulators

Thrivent has shared with us that they want to be well-positioned to meet the banking needs of current and future clients. Thrivent is committed to helping clients achieve financial clarity at every life stage, enabling lives full of meaning and gratitude. The proposed Thrivent Bank will allow Thrivent to make strategic investments to develop banking products and experiences while reflecting its purposeful approach to finances.

Once Thrivent forms the bank, it will become the way that Thrivent offers banking services to its clients. This merger is the only way for the credit union and its members to stay within the Thrivent family of financial services to continue our shared mission.

Since the credit union's field of membership is built around serving people who are Thrivent clients, once the bank is formed, the credit union’s business model and field of membership would likely need to change as the credit union would be competing directly with the bank. This means our board of directors would need to consider other options. The credit union board of directors believes this merger opportunity is in the best interest of the membership.

The credit union's field of membership is built around serving people who are Thrivent clients. Thrivent also serves as the sponsor for the credit union. When Thrivent forms a bank, the credit union's business model and field of membership would likely need to change to avoid the credit union having to directly compete with Thrivent’s bank for products, services and members. This means our board of directors would need to consider other options. The credit union board of directors believes this merger opportunity is in the best interest of the membership.

While Thrivent serves as the sponsor for Thrivent Credit Union, the credit union is not a subsidiary of Thrivent, but rather an independent member-owned organization. Thrivent has told us that by establishing a bank as a subsidiary, they can invest the necessary capital to stay relevant in an ever-evolving banking landscape and grow its banking offerings and platform to serve a significantly broader base of clients with its purposeful approach to finances.

Thrivent Bank’s capital together with the existing assets of TFCU will permit Thrivent Bank to make investments in improved technology, products, and services for clients.

Thrivent Credit Union is financially sound and stable, and we have successfully navigated a challenging interest rate environment thus far. We are considered well capitalized by regulatory standards. However, by statute, credit unions have a very limited ability to raise additional capital that is needed to stay competitive and invest in experiences that will drive growth in the future. Growth through a merger has been a strategy many credit unions of our size utilize to develop and maintain exceptional products and services.

It was shared with the credit union that Thrivent determined this charter was the best for their needs.

Thrivent has shared with us that similar to other financial services entities, banks are typically chartered and regulated at both the state and federal level. Thrivent told us Utah is a state with a significant concentration of industrial banks and a strong regulatory environment. Accordingly, they have filed for a banking charter in Utah.

The original valuation of the credit union was performed in 2021, and the merger proposal from Thrivent was based on this valuation. The valuation was reviewed in 2024, and the valuation was lower at that time due to the challenging interest rate environment and slightly reduced asset size of Thrivent Credit Union. Thrivent is continuing to honor the original agreement which uses the 2021 valuation, which is to the benefit of credit union members.

For the purposes of preparing for the member vote we needed to set a date by which we could pull data and prepare calculations and other information. The date of June 28 was based on the proximity of the approvals to form the bank that Thrivent received from bank regulators. The June 28 strike date was not discussed or set until mid-July.

No. Account balances will not be affected in any way and the full amount of your balance on the day of the merger will transfer to the new bank with the same features enjoyed today.

After the completion of the merger, eligible members will also receive the distribution payment ($0.122 for each whole dollar which the member had in their share account(s); deposits in all share accounts (i.e., membership share, savings, special purpose savings, checking, money market, health savings, and IRA accounts and share certificates) are included for this purpose) if the merger is approved through the member vote.