FDIC Approves Deposit Insurance and Merger Applications for Thrivent Bank and Salt Lake City Corporation

Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC) has approved applications for deposit insurance for Salt Lake City Corporation's two new de novo* insured branches and a merger application involving Thrivent Bank, Marathon, Wisconsin and Salt Lake City Corporation, Salt Lake City, Utah.

Deposit Insurance for New Branches

The FDIC has granted deposit insurance to Salt Lake City Corporation's two new insured branches located at:

451 South State Street, Salt Lake City, Utah 84111
111 East Broadway, Salt Lake City, Utah 84111

These branches will offer a full range of banking products and services, including checking and savings accounts, loans, and online banking. The FDIC's insurance coverage protects deposits up to $250,000.

Merger Approval

The FDIC has also approved a merger application involving Thrivent Bank, Marathon, Wisconsin and Salt Lake City Corporation, Salt Lake City, Utah. The merger is expected to close on March 31, 2023.

About the Merger

After the merger, Thrivent Bank will acquire all of Salt Lake City Corporation's deposits and substantially all of its assets. Salt Lake City Corporation will become a wholly-owned subsidiary of Thrivent Bank. The combined institution will have approximately $26.3 billion in assets and 92 banking offices in Wisconsin, Minnesota, Texas, California, and Utah.

Benefits of the Merger

The merger will provide several benefits to customers, including:

Expanded access to banking services through a larger branch network
A wider range of financial products and services
Enhanced digital banking capabilities
Increased financial stability and security

About Thrivent Bank

Thrivent Bank is a member-owned, faith-based financial institution with a mission to help members achieve financial clarity, security, and generosity. The bank offers a full range of banking products and services, including checking and savings accounts, loans, investments, and financial planning. Thrivent Bank has been recognized as one of the World's Best Banks by Forbes and has received numerous awards for its customer service and community involvement.

About Salt Lake City Corporation

Salt Lake City Corporation is a municipal corporation that provides a wide range of services to the residents of Salt Lake City, Utah. These services include water and sewer service, garbage collection, police and fire protection, and economic development. Salt Lake City Corporation also operates a small business loan program and a microloan program.

Impact on Depositors

Depositors of Salt Lake City Corporation will automatically become depositors of Thrivent Bank after the merger. All deposits will continue to be insured by the FDIC up to the maximum coverage amount.