Columbus, Ohio, United States, October 15, 2026 / PRNewswire / -- Erebor Bank, National Association today announced the launch of a national initiative aimed at directing resources to local financial institutions that are closest to urban and rural business opportunities. Erebor will initially commit $20 million in its home city of Columbus, with the first partner being the Minority-Owned Bank also located in Columbus, Adelphi Bank.
Erebor's clients include some of the key technology companies that are driving the reindustrialization of the United States. These companies operate in various sectors such as manufacturing, aerospace, defense, robotics, artificial intelligence, and energy, and are located in communities across the country. Erebor Opportunity Initiative will focus on collaborating with local financial institutions in the jurisdictions where these clients are based to ensure that business projects with a strong community foundation can obtain sustainable financing. These projects will cover areas such as housing, employment training, and healthcare, which are all crucial for achieving widespread economic growth and expanding the middle class in various regions.
Erebor indicates that its commitment of $20 million is one of the most important commitments made by the newly established bank within the first 12 months of operation, reflecting the bank's investment as well as its balance sheet strength. This is merely the beginning of the national initiative that Erebor plans to build upon the foundation of its relationship with Adelphi Bank.
Erebor also announced that former U.S. Secretary for Housing and Urban Development and long-serving Cleveland Congressman Marcia Fudge will serve as the chair of this initiative. The responsibility of Fudge is first to establish this model in Columbus, and then to promote it throughout Ohio and the entire United States on behalf of Erebor.
I am honored to collaborate with the Erebor team and serve as the chairperson of their national opportunity initiative. Today, there are numerous business opportunities across urban and rural areas of the United States that suffer from persistent underfunding. The way this initiative collaborates with community financial institutions represents the innovative path that America needs. I commend Erebor Bank for doing the right thing,” said Fudge.
"Such cooperation is precisely the way to bring capital into communities that have been excluded for generations. When institutions with different strengths come together around a common goal, we can begin to reduce wealth disparities in a tangible and measurable manner," said Adelphi Bank founder Kevin L Boyce.
"We have established relationships and trust in these communities for many years. This collaboration allows us to deploy more capital more quickly to small businesses, homeowners, and commercial corridors that need it most," said Adelphi Bank, Chairman and CEO of Jordan Miller.
"We are honored to launch this initiative in our first year of operations. Cities and rural areas across the country have financial institutions that have keenly recognized important and viable business opportunities. Until today, they did not have a national partner that could empower them. We are proud to play a small role in changing this, and we are delighted to work together with Adelphi Bank, Minister Fudge, and other institutions nationwide to advance this mission," said Owen Rapaport, co-founder and CEO of Erebor.
Regarding Erebor Bank, N.A.
Erebor Bank claims to be the fastest-growing bank in the United States. The bank opened its doors at the beginning of 2026 and currently has assets exceeding $8 billion. The mission of Erebor is to create the next great American bank for outstanding American companies in the next generation of important industries in the U.S.
About Adelphi Bank
Adelphi Bank is the first bank owned by Black people in Ohio, established in 2023, with its headquarters located in the King - Lincoln Bronzeville community of Columbus. The mission of Adelphi is to reduce wealth disparities by providing home purchasing opportunities, entrepreneurial resources, and banking services to communities that have been underserved in the history of Central Ohio.
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SOURCE Erebor Bank, N.A.
