Old Glory Bank, a crypto-friendly lender, said it will merge with Digital Asset Acquisition Corporation to form a Texas-based company listed on Nasdaq.
In a Tuesday notice, Old Glory and special purpose acquisition company Digital Asset Acquisition Corporation said they plan to form OGB Financial Company as part of an effort to go public under the ticker symbol OGB. The deal is expected to close “at the end of the first quarter or early in the second quarter of 2026,” subject to regulatory and shareholder approval.
“We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking,” said the bank’s co-founder and chief innovation officer, Michael Shaw, 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.”
Founded as the First State Bank of Elmore City in Oklahoma more than 100 years ago, Old Glory Holding Company acquired the bank in 2022, rebranding the merged entities as Old Glory Bank. The company said at the time that the bank would “provide digital-first banking solutions”
Other crypto companies encroaching on banking sector
In December, the US Office of the Comptroller of the Currency conditionally approved five national bank charter applications for companies tied to the crypto industry, including Ripple Labs and Circle.
World Liberty Financial, the crypto company tied to US President Donald Trump and his family, also filed for a national trust banking charter last week. The company’s CEO, Zach Witkoff, said the move was aimed at accelerating “issuance, custody, and conversion” for its stablecoin.