Ex-U.S. Bancorp Team Launches New Digital Bank Targeting Small Businesses

New Digital Bank Initiative: A group of former U.S. Bancorp employees is launching VALT Bank N.A., a digital bank aimed at serving small- to mid-sized businesses, and has submitted its national bank charter application to the OCC.

Tailored Services for SMBs: VALT Bank plans to offer customized banking services, including credit, deposit products, and cash-management tools, to address the specific needs of small and mid-sized businesses.

Experienced Leadership Team: The bank is led by veterans from U.S. Bancorp, including proposed CEO Matt Gediman, indicating a blend of traditional banking expertise with a digital-first approach.

Regulatory Landscape Shift: VALT Bank's application aligns with a changing regulatory environment, as the OCC is becoming more open to new banking models, which could pave the way for its approval and entry into the competitive digital banking market.