Erebor Bank Receives Preliminary Approval from the US Office of the Comptroller of the Currency to Fill the Market Void Left by the Silicon Valley Bank Closure

BlockBeats News, October 15th, the Office of the Comptroller of the Currency (OCC) has granted "preliminary conditional approval" to Erebor Bank, backed by venture capitalist Peter Thiel, which plans to serve the cryptocurrency and artificial intelligence sectors.

The OCC approved the application on Wednesday. Acting Comptroller Jonathan Gould stated that Erebor Bank is the "first new bank to receive preliminary conditional approval" since he took office in July of this year.

Erebor Bank aims to fill the market gap left by the 2023 collapse of a Silicon Valley bank. According to the Financial Times, the bank was founded in 2025 by Silicon Valley figures Palmer Luckey and Joe Lonsdale, with support from Peter Thiel's Founders Fund and Haun Ventures.

According to the application documents, Erebor Bank will operate as a national bank offering both traditional banking services and crypto-related products and services. The Financial Times cited anonymous sources who said that despite Luckey, Lonsdale, and Peter Thiel's close ties to former President Trump, the bank's application did not receive any "special treatment."