Regulatory Alerts2025-10-15 | Conditional Approval 1348Added
Conditional Approval 1348 — Application to charter Erebor Bank, National Association, Columbus, Ohio
The Office of the Comptroller of the Currency grants preliminary conditional approval for the charter of Erebor Bank, National Association, and approves residency waivers for six directors. The approval authorizes the merger of Erebor Group, Inc. into the Bank and permits the holding of non-asset backed virtual currencies on the balance sheet to pay transaction fees. The Bank must maintain a leverage ratio of no less than 12 percent for its first three years and submit to prior OCC review for any significant deviations from its business plan. Final approval is contingent upon meeting pre-opening requirements, including audits, capital raising within 12 months, and opening for business within 18 months.