Block, Inc. said on Tuesday, September 8, 2026, that it submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to form Builders Bank & Trust, N.A., a national trust bank.
Per the company release reported by PYMNTS, the bank would provide custody and related fiduciary services, including for bitcoin and stablecoins. If approved, the charter would create an uninsured national trust bank that would not take deposits or make loans, and would place certain custody activities Block already offers under a federal supervisory framework.
Proposed leadership is Lee Woolley, Block’s digital asset strategy lead. Woolley previously served as president and CEO of the Treasury Department Federal Credit Union and held senior roles at Northern Trust and BNY Mellon. In the release, Woolley said Builders Bank is designed to support secure custody of assets for Block and its customers, building on Block’s digital-asset work and Square Financial Services history.
Context: an OCC Aug. 11, 2026 release said the agency received 40 de novo applications in the prior 18 months after a chartering push, versus 48 applications from 2011 through 2024 before that initiative. Approval is not automatic; the application is a filing, not a granted charter.
PYMNTS (Sep 8, 2026) citing Block company release; OCC Aug 11, 2026 de novo chartering release