Mercury Receives OCC Conditional Approval to Establish Mercury Bank N.A.
Mercury announced on Apr 27, 2026, that it received conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A. The company serves more than 300,000 businesses and individuals, generates over $650 million in annualized revenue, and has maintained four years of GAAP profitability. Mercury now enters a bank organization phase to satisfy remaining OCC requirements and obtain approvals from the FDIC and the Federal Reserve.
Jon Auxier, formerly CFO of SoFi Bank, will serve as CEO and President of Mercury Bank. Once fully operational, the bank plans to offer Zelle integration, an expanded suite of lending products, and deeper payments infrastructure. Mercury Bank, N.A. will be headquartered in Utah.
Mercury first announced its intent to pursue a national bank charter in Dec 2025.
- Reduces Mercury's reliance on BaaS sponsor banks and signals fintech maturation toward self-chartered operations
- May accelerate pressure on BaaS middleware providers as large fintechs increasingly seek direct banking charters
- Sets a precedent for OCC willingness to grant charters to fintechs with large existing customer bases
- OfficialMorningstar / Business Wire — Apr 2026
- OfficialLas Vegas Sun — Apr 2026