The bank Erebor was founded this year by Palmer Luckey, seen here, and Joe Lonsdale. Photo by PATRICK T. FALLON/AFP via Getty Images files

U.S. regulators have approved the launch of a bank backed by a group of high-profile tech billionaires with ties to Donald Trump ‘s administration, seeking to fill a gap left by the collapse of Silicon Valley Bank .

The bank, Erebor, was founded this year by Palmer Luckey, co-founder of military contractor Anduril, and Joe Lonsdale, head of venture capital firm 8VC and a co-founder of data analytics firm Palantir. Its early backers also include Peter Thiel ‘s venture firm Founders Fund and Haun Ventures, a crypto-focused investor.

Like Anduril and Palantir, Erebor’s name is a reference to JRR Tolkien’s The Lord of the Rings . Erebor is th

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