Palmer Luckey's Erebor bank tops $7bn deposits, filling SVB void

Erebor, a start-up bank founded by Palmer Luckey targeting the technology industry, has amassed over $7 billion in deposits since its launch, capitalizing on the gap left by Silicon Valley Bank's collapse. The rapid deposit growth signals strong demand for tech-focused banking services, though the bank's long-term stability and lending strategy remain unproven. This development highlights a structural shift in tech industry banking and could influence competitive dynamics in the financial sector.