Columbus-chartered Erebor Bank reportedly tops $7 billion in deposits

Erebor Bank, a digital bank headquartered in Columbus, holds about $7 billion in deposits, the Financial Times reported, according to Crowdfund Insider. The bank reports totals quarterly and has not released its number of accounts. ^[1]

Its most recent call report, for June 30, showed $4.66 billion in total assets, which ranks Erebor 11th among the 156 FDIC-insured institutions headquartered in Ohio. ^[2]

Palmer Luckey, who founded defense company Anduril, and Palantir co-founder Joe Lonsdale started Erebor in 2023 to fill the gap Silicon Valley Bank left when it failed. The bank was approved for its national charter in February 2026. ^[1][2]

An earlier Financial Times report said Erebor wants to become a globally systemically important bank. Crowdfund Insider wrote that much of the deposit base probably comes from large accounts such as tech companies, but the bank has not said so. ^[1]