A group of former U.S. Bancorp employees is preparing to enter the banking sector with a new digital institution aimed directly at small- to mid-sized businesses. The proposed bank, VALT Bank N.A., submitted its national bank charter application to the Office of the Comptroller of the Currency (OCC), marking another step in the growing wave of digital-first banking startups seeking regulatory approval.
A Digital Bank Built Exclusively for SMBs
VALT Bank N.A. is designed to serve the needs of small- and mid-sized businesses, a segment that often faces slower service, rigid processes, and limited product customization from traditional lenders.
According to the application, VALT Bank plans to offer a suite of services including credit and deposit products, as well as treasury and cash-management tools tailored to business owners. The bank’s mission focuses on simplifying banking operations for SMBs, particularly for core tasks such as account opening, cash-flow management, and credit applications.
Led by Former U.S. Bancorp Veterans
The leadership team brings decades of experience in traditional banking.
- •Matt Gediman, formerly of U.S. Bancorp, is listed as the proposed Chief Executive Officer.
- •John Elmore and Ross Carey, also ex-U.S. Bancorp, are named as organizers helping steer the bank’s launch and regulatory journey.
Their backgrounds indicate that VALT Bank aims to blend established banking expertise with a digital-first operating model.
A Charter Bid Aligned With Changing Regulatory Trends
VALT Bank’s application comes at a time when regulators are revisiting their approach to new entrants. The OCC recently granted a de novo national charter to Erebor Bank N.A., signaling a more open stance toward fresh banking models.
This shift is especially significant as regulators evaluate how to integrate fintech and crypto-focused applicants, which have increasingly sought national charters to expand their services across the U.S. banking system.
A Competitive Moment for Digital Banking
If approved, VALT Bank would join a growing list of technology-driven institutions seeking to modernize business banking. Its focus on SMBs positions it in a market with substantial demand for streamlined financial tools, particularly those that reduce administrative friction and improve access to credit.
The OCC’s decision in the coming months will determine whether VALT Bank can move forward toward full launch and begin competing in the increasingly dynamic digital banking landscape.