Erebor Bank, N.A. Announces Nationwide Opportunity Initiative, with Secretary Marcia Fudge as Chair

COLUMBUS, Ohio, Oct. 15, 2026 /PRNewswire/ -- Erebor Bank, National Association, with its headquarters in Columbus, Ohio, today announced its nationwide effort to bring resources to the local financial institutions closest to urban and rural commercial opportunities. Erebor is beginning with a $20 million commitment to financial institutions in its home town of Columbus. Erebor's first partner for the initiative is Adelphi Bank, a minority-owned bank also in Columbus.

Erebor's customers include some of the most important technology companies reindustrializing the United States. These companies operate across manufacturing, aerospace, defense, robotics, AI, and energy in communities across the country. The Erebor Opportunity Initiative will focus on partnering with local financial institutions in these same jurisdictions where its customers operate to ensure that significant community-based commercial ventures are sustainably funded. These programs will range from housing to employment training to healthcare, all critical for broad-based economic growth and the expansion of the middle class in every community.

Erebor's $20 million commitment is among the most significant ever made by a de novo bank during its first 12 months of operating, reflecting both Erebor's dedication and the strength of its balance sheet. This is just the beginning of a nationwide effort that Erebor intends to model on its relationship with Adelphi Bank.

Erebor also announced that Marcia Fudge, former Secretary of Housing and Urban Development and long-time Cleveland congresswoman, would chair the Opportunity Initiative. Secretary Fudge's mandate is first to build the model in Columbus, and then to take this model throughout the state and the country on behalf of Erebor.

"I'm honored to partner with the Erebor team as the chair of their nationwide Opportunity Initiative. Today, there are incredible commercial opportunities in urban and rural communities throughout America that continue to go underfunded. This initiative's partnership with community-based financial institutions represents the innovative approach that America needs. I applaud Erebor Bank for doing the right thing," said Secretary Fudge.

"Partnerships like this one are exactly how you move capital into neighborhoods that have been left out for generations. When institutions with different strengths come together around a shared purpose, that's how we start to close the wealth gap in a real, measurable way," said Kevin L. Boyce, Founder, Adelphi Bank.

"We've spent years building relationships and trust in these communities. This partnership gives us the ability to deploy more capital, faster, into the small businesses, homeowners, and commercial corridors that need it most," said Jordan Miller, Chairman and CEO, Adelphi Bank.

"We are honored to stand up the Opportunity Initiative in the first year of our Bank's operations. Across the country, in urban and rural areas, there are financial institutions keenly aware of essential and viable commercial opportunities. Until today, they didn't have a national partner to empower them. We are proud to play a small part in changing that and are thrilled to partner in this mission with Adelphi Bank, Secretary Fudge, and other institutions throughout the nation," said Owen Rapaport, Co-Founder and CEO of Erebor.

About Erebor Bank, N.A.

Erebor Bank is America's fastest-growing bank. After opening in early 2026, the bank has reached over $8 billion in assets. Erebor's mission is to build the next great American bank for the next generation of great American companies across critical industries.

About Adelphi Bank

Adelphi Bank is Ohio's first Black-owned bank, founded in 2023 and headquartered in Columbus's King-Lincoln Bronzeville neighborhood. Adelphi's mission is to reduce the wealth gap by providing homeownership opportunities, entrepreneurial resources, and banking services to historically underserved communities in Central Ohio.

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Erebor: [email protected]

SOURCE Erebor Bank, N.A.