Old Glory Bank to go public on Nasdaq via SPAC as Texas company

Old Glory Bank said it will merge with special purpose acquisition company Digital Asset Acquisition Corporation to form a Texas-based company and go public on the Nasdaq. The firms said they plan to form OGB Financial Company and to list under the ticker OGB. Old Glory is described as a crypto-friendly, "digital-first" bank after Old Glory Holding Company acquired the First State Bank of Elmore City, which was founded more than 100 years ago, and rebranded the merged entities as Old Glory Bank in 2022.

Michael Shaw, the bank's co-founder and chief innovation officer, said, "We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking," adding: "[W]e are confident that, in the future, our customers will have the ability to easily move money on and off chain, as well as instantly deposit crypto into their bank account, by exchanging crypto into fiat utilizing our patent-pending OGB Freedom Offramp." The announcement comes as other crypto-linked firms press into banking: in December the US Office of the Comptroller of the Currency conditionally approved five national bank charter applications tied to the crypto industry, including Ripple Labs and Circle, and World Liberty Financial filed for a national trust banking charter last week, its CEO Zach Witkoff said the move was aimed at accelerating "issuance, custody, and conversion" for its stablecoin.

Key Topics

Crypto, Old Glory Bank, Digital Asset Acquisition, Ogb Financial Company, Nasdaq, Texas