A US-based digital bank has announced its definitive agreement to become a publicly traded company, a strategic maneuver designed to harness public capital for its aggressive expansion into innovative financial services, particularly the burgeoning cryptocurrency market. Old Glory Bank is set to merge with the special purpose acquisition company (SPAC) Digital Asset Acquisition Corporation (DAAQ), a deal that will result in the formation of OGB Financial Company. This new entity is expected to be listed on the Nasdaq exchange under the ticker symbol OGLY. The move comes on the heels of staggering growth, with the bank reporting a more than 2,000% increase in deposits to over $245 million since April 2023, while its customer base has swelled to more than 80,000. Co-founder Ben Carson, who will serve as chairman of the new public entity, articulated the dual purpose of the transaction: to secure the necessary capital to sustain this rapid growth trajectory and to provide an opportunity for the bank’s loyal customers to become owners and participate in its future success.
Structuring the Public Transition
The financial architecture of the merger reflects a significant valuation and a robust plan for capital infusion, positioning the bank for its next phase of development. The definitive business combination agreement places a pre-money valuation of $250 million on Old Glory Bank. This valuation is substantially backed by the $176 million currently held in DAAQ’s trust account, providing a solid capital base upon the deal’s completion. To further bolster its financial standing and fuel its ambitious projects, the combined entity plans to raise at least an additional $50 million through a private investment in public equity (PIPE) or an alternative financing arrangement. The transaction is moving forward with a target completion date set for the end of the first quarter or early in the second quarter of 2026. This timeline remains contingent upon receiving all necessary regulatory and stockholder approvals. Upon finalizing the merger, the company will maintain its operational headquarters in Texas and continue its services under the established Old Glory Bank name, guided by a combined leadership team from both organizations.
Pioneering a Crypto-Friendly Future
The decision to seek public funding was driven by a forward-looking strategy that centered on a deep and innovative integration of cryptocurrency services. This public offering was not merely a financial milestone but the essential catalyst that would enable the bank to build upon its existing accounts tailored for the crypto community and launch a new suite of digital asset products. The strategic roadmap included the development and launch of a proprietary dollar-pegged stablecoin, to be known as OGBUSD, which aimed to provide stability and transactional efficiency for its users. Furthermore, the capital was earmarked for the creation of various crypto-collateralized loan options, expanding financial flexibility for digital asset holders. A cornerstone of this vision was the patent-pending “OGB Freedom Offramp,” a system designed to allow customers to seamlessly and instantly convert their cryptocurrency holdings into fiat currency directly within their bank accounts. This move solidified the bank’s commitment to bridging the gap between traditional finance and the digital asset economy, a vision that required the substantial capital made accessible through its public market debut.
