The Office of the Comptroller of the Currency on September 2 granted preliminary conditional approval for OpenReserve Bank, National Association, to form a full-service national bank headquartered in Salt Lake City, Utah. The decision moves OpenReserve towards a federally chartered banking model spanning conventional banking and digital-asset services, but it does not yet permit the bank to open.
OpenReserve’s proposed national bank services
OpenReserve’s proposed offering includes deposits, lending, payments and treasury services, according to the OCC decision. It also plans to offer digital-asset services and nonfiduciary digital-asset custody.
The proposed structure includes a stablecoin subsidiary. The OCC document identifies those services as part of the bank’s business plan, rather than confirming that they are already available to customers.
Capital and federal approvals still required before opening
The OCC’s preliminary decision is expressly conditional. Before it can begin operations, OpenReserve must have at least $210 million in initial paid-in capital, according to the OCC. The agency said OpenReserve must also obtain FDIC deposit insurance, Federal Reserve stock and final OCC authorisation before opening. Several federal approvals therefore remain outstanding.
Charter application moved from April filing to September approval
OpenReserve filed its charter application on April 13, 2026. The OCC’s application record lists the filing as approved on September 2, the same date as the agency’s conditional-approval decision.
Final OCC authorisation, alongside the FDIC and Federal Reserve requirements and the $210 million capital threshold, remains necessary before the proposed Salt Lake City bank can open.
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