Crypto Integration in Banking
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Old Glory Bank and Digital Asset Acquisition Corp. Announce Business Combination Agreement to Create a Texas Company Publicly Listed on Nasdaq
Globenewswire· 2026-01-13 13:35
Core Viewpoint - Old Glory Bank aims to be the first chartered bank to fully integrate cryptocurrency into daily banking, enhancing accessibility for regular Americans [1][12]. Company Overview - Old Glory Bank is a full-service, digital-first bank with over 80,000 personal and business accounts across all 50 states and several countries, having started online services in April 2023 [5]. - The bank has a physical branch located in Elmore City, Oklahoma, and has seen deposits grow over 2,000% from $10 million to over $245 million as of December 31, 2025 [5]. Business Combination Agreement - Old Glory Bank and Digital Asset Acquisition Corporation (DAAQ) have entered into a definitive business combination agreement to create OGB Financial Company, which will be listed on Nasdaq under the ticker symbol "OGB" [2]. - The transaction is expected to close by the end of Q1 or early Q2 of 2026, pending shareholder and regulatory approvals [2]. Financial Details - DAAQ currently holds $176 million in its trust account, and Old Glory Bank's pre-money valuation is set at $250 million for this transaction [3]. - The parties plan to arrange a PIPE or other proceeds of at least $50 million for closing [3]. Growth and Community Engagement - Old Glory Bank has over 6,000 patriotic stockholders and aims to provide capital for continued growth while allowing customers to be owners [4]. - The bank supports various industries, including cryptocurrency, and has resisted pressures from government initiatives that may limit banking freedoms [6][10]. Product Offerings - Old Glory Bank offers a range of banking products, including free personal and business accounts, early direct deposit, overdraft protection, and various loan options [7]. - Unique offerings include Old Glory Pay, a closed-loop payment solution, and Old Glory Cash-IN, which allows cash deposits at over 88,000 retail locations [7]. Future Plans - The bank intends to provide self-service crypto loans and plans to issue its own payment stablecoin, OGBUSD, to facilitate secure global transactions [13][14]. - Old Glory Bank aims to simplify the process of moving money between bank accounts and blockchain, enhancing user experience in cryptocurrency transactions [12].