Digital-only Erebor Bank received national bank charter

Erebor Bank, a digital bank, has received its national bank charter from the Office of the Comptroller of the Currency less than two months after receiving conditional approval for deposit insurance.

Comptoller Jonathan Gould confirmed the approval via X. “This is an exciting day for the banking system and reflects the OCC’s commitment to a dynamic and diverse financial system that remains innovative and relevant over time,” he wrote.

Erebor is the first new national bank chartered under the current Trump administration.

Erebor , founded by tech billionaire Palmer Luckey, aims to cater to startups and high-net-worth individuals within the cryptocurrency, artificial intelligence, defense and manufacturing sectors.

To secure full approval from the Federal Deposit Insurance Corp., organizers agreed to have $276 million in initial capital, FDIC-compliant protocols for deposit account processing in the event of bank failure, and maintain a 12% minimum Tier 1 leverage ratio during its first three years of operations.