Old Glory Bank to go public on Nasdaq through SPAC deal
Old Glory Bank, a crypto-focused lender, announced it will merge with special purpose acquisition company Digital Asset Acquisition Corporation to create OGB Financial Company, a Texas-based business expected to list on Nasdaq under the ticker OGB, pending shareholder and regulatory approvals.
In a notice published Tuesday, the companies said the transaction is targeted to close at the end of the first quarter or early in the second quarter of 2026, subject to customary closing conditions, including necessary approvals.
Michael Shaw, co-founder and chief innovation officer of Old Glory Bank, said the firm aims to be the first chartered bank to fully integrate crypto into routine banking services. He added that the bank expects customers to be able to move funds on and off chain and to deposit crypto by converting it to fiat via the bank’s patent-pending OGB Freedom Offramp.
Established more than a century ago as First State Bank of Elmore City in Oklahoma, the institution was acquired by Old Glory Holding Company in 2022 and rebranded as Old Glory Bank. At that time, the company said it planned to offer digital-first banking services.
Other crypto firms moving into banking
In December, the U.S. Office of the Comptroller of the Currency conditionally approved five national bank charter applications from companies connected to the digital asset sector, including Ripple Labs and Circle.
World Liberty Financial, a crypto company associated with former U.S. President Donald Trump and his family, filed for a national trust banking charter last week. Chief executive Zach Witkoff said the application is intended to accelerate issuance, custody, and conversion for the firm’s stablecoin.
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