A Fox Corporate team led by Chris Pippett and Madison Ott guided the independent board of directors of Thrivent Federal Credit Union (Thrivent FCU) through a complex, four-year merger with Thrivent Bank, a newly formed Utah Industrial Loan Company (ILC) that launched with more than $1 billion in assets.
Finalized on March 6, 2025, the deal is the first conversion of a federal credit union into a bank since 2006. It required approvals from the Utah Department of Financial Institutions (UDFI), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA).
The Fox team led negotiations for a $76 million merger dividend for Thrivent FCU members and managed regulatory approvals, including a 3,000-page application for the NCUA.
Fox advised the independent board of directors on governance matters and regulatory strategy throughout the process. The team navigated multiple rounds of review with the NCUA, including direct engagement with its Office of General Counsel and the Western Region's Regional Director. They also worked closely with the FDIC and UDFI to address regulatory concerns and ensure compliance with evolving banking requirements.
The transaction involved structuring the merger agreement, handling due diligence, and securing regulatory approvals across multiple agencies. With this merger, Thrivent Bank joins an exclusive group of just 24 Industrial Loan Companies with FDIC insurance.
Lauren Stahl assisted the Fox team.
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