Erebor Bank has received preliminary approval from the Office of the Comptroller of the Currency to fill the market gap left by the collapse of Silicon Valley Bank

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

The OCC approved the application on Wednesday. Comptroller of the Currency Jonathan Gould stated that Erebor Bank is the "first newly chartered 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 collapse of Silicon Valley Bank in 2023. According to the Financial Times, the bank was founded in 2025 by Silicon Valley figures Palmer Luckey and Joe Lonsdale, and is supported by 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 stating that despite the close ties between Luckey, Lonsdale, and Peter Thiel with President Trump, the bank's application did not receive "special treatment."