Old Glory Bank announced Monday a definitive agreement to merge with Digital Asset Acquisition Corp in a deal valuing the Oklahoma lender at $250 million pre-money.
The transaction includes $176 million from the SPAC's trust account plus at least $50 million in additional private financing, with the combined company trading on Nasdaq under ticker OGB.
Old Glory disclosed plans to issue its own stablecoin called OGBUSD on the ERC-20 standard and offer crypto-backed consumer loans across all 50 states following the deal's expected close in first or second quarter 2026.
Rapid Growth Trajectory
The FDIC-insured bank grew deposits from $10 million to $245 million between April 2023 when it began accepting online accounts and December 31, 2025.
The lender now serves over 80,000 personal and business accounts nationwide and already has more than 6,000 stockholders in its holding company structure.
Chief Innovation Officer Michael Staw said the bank is developing a patent-pending system allowing customers to move funds between traditional accounts and blockchain networks, exchange cryptocurrency for dollars, and deposit crypto directly into bank accounts.
Crypto Banking Push
Old Glory plans to offer crypto-backed loans that would allow customers to borrow against digital asset holdings without triggering taxable events from asset sales.
The bank began serving cryptocurrency companies in early 2024 and positioned itself as an alternative to larger banks that restricted services to the sector.
Co-founders include former Housing and Urban Development Secretary Ben Carson, conservative radio host Larry Elder, country music artist John Rich, former White House Press Secretary Sean Spicer, and former Fox News executive Bill Shine.
The announcement follows December's conditional approvals from the Office of the Comptroller of the Currency for five cryptocurrency firms including Circle (USDC) and Ripple (XRP) to establish national trust banks.
Old Glory's full bank charter theoretically provides broader authority to integrate cryptocurrency services than limited-purpose trust charters, though specific crypto activities still require regulatory approval.
The deal requires shareholder votes from both companies plus regulatory clearance before closing.