Two firms—Thrivent Financial and Brex—have submitted applications in recent days to the Utah Department of Financial Institutions and the FDIC to operate industrial loan company subsidiaries.
Thrivent Bank would be based in Utah, and would use a digital platform to offer banking services to customers nationwide. It would operate as a wholly owned subsidiary of the parent company—a faith-based fraternal benefit society originally founded to serve Lutherans—which also serves as a sponsor for a $763 million-asset credit union, Thrivent Credit Union, which itself converted from a thrift charter in 2012, and an FDIC-insured trust company based in Appleton, Wisconsin.
Brex Bank, which would also be headquartered in Utah, would be a wholly owned subsidiary of Brex, a San Francisco-based fintech firm. The ILC would expand upon Brex’s existing suite of financial products and business software, offering credit solutions and FDIC-insured deposit products to small and medium-sized businesses.