Erebor reportedly holds more than $7 billion in deposits, Financial Times says
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- Sources
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What happened
On October 6, 2026, the Financial Times reported that Erebor, the digital bank founded in 2023 by Palmer Luckey and Joe Lonsdale, held more than $7 billion in deposits. Crowdfund Insider relayed the report the same day. It described Erebor as a Columbus, Ohio-based bank that received approval for a bank charter in February 2026, and said the founders set it up to fill the gap left by the collapse of Silicon Valley Bank.
Crowdfund Insider cited public filings showing $4.65 billion in total assets and more than $4 billion in deposits at the end of the second quarter of 2026. It said Erebor did not disclose its number of accounts and reported deposit totals quarterly. Crowdfund Insider also said many of the deposits might come from large accounts, including technology businesses, but gave no breakdown. It did not state the date on which the $7 billion figure was measured.
Key points
- The Financial Times reported on October 6, 2026 that Erebor held more than $7 billion in deposits.12
- Filings showed over $4 billion in deposits and $4.65 billion in total assets at the end of Q2 2026.1
- Palmer Luckey and Joe Lonsdale founded Erebor in 2023; it won bank charter approval in February 2026.1
- Erebor did not disclose its account count and reported deposit totals quarterly.1
Why it matters
Deposits are the base of a bank's balance sheet. The reported move from over $4 billion at the end of Q2 2026 to more than $7 billion by October 6 was the main scale datapoint available before the next quarterly filing.
The $7 billion figure came from a press report rather than a filing, with no stated measurement date, and the account count was undisclosed. Crowdfund Insider's view that large accounts may dominate was not backed by a breakdown, so the breadth of the customer base was not known.
Fact-check
- Erebor held more than $7 billion in deposits, as the Financial Times reported on October 6, 2026.Confirmed by [1] Crowdfund Insider, which relays the FT figure of $7 billion in deposits, and by the headline of [2] Financial Times (article body behind a paywall).Verified
- Erebor had over $4 billion in deposits and $4.65 billion in total assets at the end of Q2 2026.Confirmed by [1] Crowdfund Insider, citing public filings.Verified
- Erebor was founded in 2023 by Palmer Luckey and Joe Lonsdale and received bank charter approval in February 2026.Confirmed by [1] Crowdfund Insider.Verified
- Erebor does not disclose its account count and reports deposit totals quarterly.Confirmed by [1] Crowdfund Insider.Verified
Sources
- [1]Crowdfund Insider (opens in a new tab)Digital Bank: Erebor Reportedly Holds Over $7 Billion In Depositsover $4 billion in deposits at the end of Q2 2026
- [2]Financial Times (opens in a new tab)Palmer Luckey's Erebor surges to more than $7bn in deposits since launch
