On March 13, 2026, VALT, a digital bank managed by former US Bank executives, secured conditional approval for a national bank charter from the Office of the Comptroller of the Currency (OCC), exactly 120 days after submitting its application.
Upon opening, VALT is required to secure $25 million in capital and maintain a tier one leverage ratio of at least 9% during its initial three years of operations. This bank will primarily serve small and midsize businesses (SMBs) with annual sales ranging from $2 million to $10 million, focusing on firms that already leverage technology across their operations.
Market Positioning and Regulatory Context
Matt Gediman, the proposed CEO of VALT, highlighted that the current market is largely controlled by large national banks that operate with outdated digital tools, providing a fragmented rather than cohesive experience. He noted that while fintech companies have gained traction in the SMB segment, they are limited by their lack of a bank balance sheet. VALT aims to distinguish itself as a fully digital business bank, separate from both traditional banking and fintech sectors.
The conditional approval reflects ongoing efforts by the current OCC leadership to promote new bank formations and financial innovation, resulting in a more favorable regulatory landscape for such entities. Following this approval, VALT joins other companies like Upstart and UBS that have either applied or received similar charters from the OCC.
