Block Applies for National Trust Bank Charter From OCC

07:58 PM EDT, 09/08/2026 (MT Newswires) -- Block (XYZ) submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., an uninsured national trust bank, the company said Tuesday. If approved, Builders Bank would provide custody and fiduciary services, including for Bitcoin and stablecoins, under OCC supervision, and would not accept deposits or make loans, according to the company. Lee Woolley, Block's Digital Asset Strategy Lead, would serve as President and CEO of Builders Bank, the company said, adding that he previously held leadership roles at Treasury Department Federal Credit Union, Northern Trust and BNY Mellon. The application is subject to OCC review and approval, and Builders Bank would not begin operations until regulatory approvals are received.