Erebor Bank has received preliminary approval from the Office of the Comptroller of the Currency in the United States, aiming to fill the market gap left by the collapse of Silicon Valley Bank.

On October 15, the Office of the Comptroller of the Currency (OCC) granted “preliminary conditional approval” to Erebor Bank, which is backed by venture capitalist Peter Thiel, to serve the Crypto Assets and artificial intelligence sectors. The OCC approved this application on Wednesday. Comptroller Jonathan Gould stated that Erebor Bank is the “first newly established 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, with support from Peter Thiel's Founders Fund and Haun Ventures. According to the application documents, Erebor Bank will operate as a national bank, providing both traditional banking services and Crypto-related products and services. The Financial Times cited anonymous sources as saying that, despite the close relationship between Luckey, Lonsdale, and Peter Thiel with President Trump, the bank's application did not receive “special treatment.”