A crypto-focused banking firm is preparing to enter public markets with a plan to embed blockchain services directly into everyday banking.
Old Glory Bank confirmed a business combination agreement with Digital Asset Acquisition Corporation on January 16 to pursue a Nasdaq listing.
The deal will merge Old Glory Bank’s holding company with the SPAC to form OGB Financial Company, a Texas-based corporation.
The combined entity is expected to trade on Nasdaq under the reserved ticker symbol OGB once the transaction is completed.
The merger positions Old Glory Bank as a challenger to traditional banks that have been slow to adopt crypto services.
The agreement reflects growing investor interest in regulated institutions that bridge traditional finance and digital assets.
We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking.
Michael Staw said.
Today, it’s too confusing, slow, and difficult for regular Americans to move money from a bank account to the blockchain.
Michael Staw added.
At Old Glory Bank, we are an actual bank, so we 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 utilising our patent-pending OGB Freedom Offramp.
Michael Staw also noted.
The transaction is expected to close in late Q1 or early Q2 of 2026, subject to shareholder and regulatory approvals.
Digital Asset Acquisition Corporation currently holds about $176 million in its trust account.
Old Glory Bank enters the deal with a reported pre-money valuation of $250 million.
The parties plan to raise at least $50 million in additional PIPE or related financing alongside the merger.
Old Glory Bank operates as a digital-first, FDIC-insured institution with services available across all 50 US states.
The bank also maintains a physical branch in Elmore City, Oklahoma, despite its online-first strategy.
Since launching online banking in April 2023, deposits have grown from $10 million to more than $245 million by the end of 2025.
The bank reports more than 80,000 personal and business accounts, including customers based overseas.
Old Glory Bank’s leadership has publicly opposed debanking and restrictions on certain lawful industries.
Figures associated with the bank have voiced support for crypto, firearms, oil and gas, and agricultural businesses.
The company plans to expand blockchain-linked financial products beyond simple on-ramps and off-ramps.
Old Glory Bank intends to offer fast and easy self-service crypto loans for our great customers who do not want to sell crypto, receive a 1099-DA, and potentially be subject to tax.
Michael Staw highlighted.
The proposed crypto loan products would be available nationwide rather than limited to select states.
Because we are a bank, and we have one of the lowest costs of funds in the industry, we will be able to make consumer crypto loans in all 50 states, with fair interest rates and no garbage fees.
Michael Staw emphasized.
The bank also plans to issue its own payment stablecoin as part of its broader crypto strategy.
We won’t stop there, and Old Glory Bank intends to issue its own payment stablecoin, OGBUSD, on the ERC-20 standard so that our freedom-loving customers will have the ability to make payments around the world instantly and securely on various blockchains.
Michael Staw stated.