Federal regulators gave Thrivent Financial for Lutherans a final approval to turn its bank into a not-for-profit credit union, paving the way for one of the nation's biggest faith-based credit unions, the Star Tribune reports.

The $500 million bank's current depositors will become member-owners of the credit union after the charter change, the Credit Union Times reports. The credit union will have a potential membership of 2.5 million people nationwide, the publication reports.