Ex-U.S. Bancorp Leaders Forge New Digital Bank for Small Businesses

A group of former U.S. Bancorp executives is setting up a new digital bank specifically designed to cater to small and medium-sized businesses (SMBs). VALT Bank N.A. has submitted its national bank charter application to the Office of the Comptroller of the Currency (OCC), marking another step in the surge of digital-first banking startups vying for regulatory approvals.