Thrivent Financial will acquire the assets of wealth management firm Ronald Blue & Co. LLC, and the latter will form a nationwide trust company with Thrivent Trust Co.

The new trust company will operate as Thrivent Trust until a new name is picked. It will be a part of Thrivent Holdings and have two divisions of its own: Ronald Blue Trust, which will continue to offer wealth management services and retain its current clients, and Thrivent Trust. Nicholas Stonestreet will serve as its CEO.