Cooperatives Hail change
of Thrivent Bank to Credit union
MADISON, Wis. —(November 28, 2012) —Cooperative Network, the statewide trade association for cooperatives in Wisconsin and Minnesota, applauds Thrivent Financial for Lutherans’ move to start a credit union with the deposits and loans of its Thrivent Financial Bank, effective this weekend. Credit unions, like other types of cooperatives, are owned by their members rather than by stockholders. The nearly 46,000 bank customers will become member-owners of the new credit union when they transfer their accounts.
“Thrivent Financial Bank’s customers now get to experience the considerable benefits of being member-owners and having a real say in the governance, management, and operations through the ability to run for, and serve on, the new credit union's board of directors,” said Bill Oemichen, president and CEO of Cooperative Network. “This change to a credit union from a bank demonstrates consumers' desire to conduct their financial services through an institution where they are far more than just a customer.”
“This is a notable change in light of state legislation last year that sought to allow for rapid conversion of member-owned and led credit unions to banks," said Oemichen.