Block applies to establish national trust bank
09 September 2026 US
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Block, a fintech and financial services provider, has applied to the US Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank, Builders Bank & Trust.
The bank would operate as a federally regulated entity providing custody and related fiduciary services, including for bitcoin and stablecoins, subject to approval.
Builders Bank would not accept deposits or make loans.
Commenting on the application, Lee Woolley, digital asset strategy lead at Block and potential president and CEO of Builders Bank, says: “Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment.”
Woolley has previously served as president and CEO of Treasury Department Federal Credit Union, along with senior banking positions at Northern Trust and BNY Mellon.
Builders Bank would not commence operations without the necessary OCC approval.
The bank would operate as a federally regulated entity providing custody and related fiduciary services, including for bitcoin and stablecoins, subject to approval.
Builders Bank would not accept deposits or make loans.
Commenting on the application, Lee Woolley, digital asset strategy lead at Block and potential president and CEO of Builders Bank, says: “Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment.”
Woolley has previously served as president and CEO of Treasury Department Federal Credit Union, along with senior banking positions at Northern Trust and BNY Mellon.
Builders Bank would not commence operations without the necessary OCC approval.
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