Erebor Secures First New US Bank Charter of Trump’s Second Term

The Office of the Comptroller of the Currency approved a newly created national bank, allowing Erebor Bank to operate nationwide. It is the first new national bank charter granted during President Donald Trump’s second term. Erebor launches with about $635 million in capital and aims to serve startups, venture-backed companies and high-net-worth clients, a segment left underserved after the 2023 collapse of Silicon Valley Bank.

Backers include Andreessen Horowitz, Founders Fund, Lux Capital, 8VC and Elad Gil. The project was founded by Oculus co-creator Palmer Luckey, who will sit on the board but not manage daily operations. The bank is positioning itself as a specialist lender to emerging industries such as defense technology, robotics and advanced manufacturing, with prospective clients developing AI-driven factories, aerospace research and pharmaceutical production in low-gravity environments.

"You can think of us like a farmers’ bank for tech," Luckey said.

United States