Erebor Bank, a Columbus, Ohio-based digital bank, reportedly now holds $7 billion in deposits. This is according to a report by the FT.
Erebor was approved for a bank charter in February of this year.
According to public filings, Erebor held $4.65 billion in total assets and over $4 billion in deposits at the end of Q2 2026.
Palmer Luckey and Joe Lonsdale founded Erebor in 2023 to fill the gap left by Silicon Valley Bank‘s collapse. Luckey founded Anduril, and Lonsdale co-founded Palantir.
Luckey described Erebor as:
“The real bank for real Americans doing real things! The cutting-edge business model is based on next-gen concepts like “don’t let your client’s money disappear”, “care at all about national security”, and most importantly, “the market sometimes goes down“.”
Deposit growth is impressive, as most newly minted banks, including digital ones, take time to reach $1 billion in deposits. Many of the deposits are probably from large accounts, including tech businesses. Erebor has not released the number of accounts but reports totals quarterly.
An earlier FT report said Erebor wanted to become a “globally systemically important bank.” Erebor has a way to go, as JPMorgan Chase holds over $2.8 trillion in deposits, and Bank of America, Wells Fargo, and Citi each hold over a trillion in deposits.