Organizers plan digitally-focused VALT Bank in Idaho

A group of U.S. Bancorp veterans is seeking approval to form a fully digital de novo bank.

Organizers applied to the Federal Deposit Insurance Corp. on Nov. 17 to form VALT Bank in Eagle, Idaho. The goal is to create a digital business banking platform that includes loans, deposits, cash management and advisory services.

Founders said in their application that the proposed VALT will be dedicated to “digitally demanding small to midsized businesses.”

Matt Gediman, who led private wealth management advisory teams at U.S. Bank, would serve as president and CEO. Other founders include John Elmore, R. Ross Carey, Kim Hoyt, Dana Johnson, Edward Chuang, and John Peckham.

Elmore, who retired as vice chairman of community banking and branch delivery at U.S. Bank in March 2019, would serve as chairman. Carey once led small business banking, reporting to Elmore.

VALT Investor Group has been around for some time. In October 2024, it applied to the Securities and Exchange Commission to raise $7.5 million, noting that it had already brought in the first $1 million.

The application comes as federal regulators have been accelerating reviews. For instance, the OCC’s leasing manual indicates that decisions on charter applications should take place within 120 days of their filing.