American digital-first bank Old Glory Bank has signed a significant Business Combination Agreement with Digital Asset Acquisition Corp. (DAAQ). Under this agreement, the two companies will merge, creating a new entity named OGB Financial Company, which will be publicly listed on the NASDAQ stock exchange.
This merger marks a notable milestone in digital banking and crypto integration, potentially setting new standards for fintech innovation.
Deal Overview and Significance
The merger between Old Glory Bank and DAAQ is being executed through a SPAC (Special Purpose Acquisition Company) transaction, allowing a faster public listing compared to a traditional IPO.
Key Details:
- Headquarters of the new company: Texas, USA
- NASDAQ ticker: OGB
- Old Glory Bank pre-money valuation: ~$250 million
- SPAC trust fund from DAAQ: ~$176 million
- Expected closing: Q1–Q2 2026, pending shareholder and regulatory approvals
In simple terms: This deal allows Old Glory Bank to become publicly traded more quickly than a traditional IPO, providing growth capital and market exposure.
Old Glory Bank – Company Introduction
Old Glory Bank is a digital-first bank focused on providing modern banking and crypto-friendly services across all 50 U.S. states.
Highlights:
- Founded: 2023
- Customers: 80,000+
- Deposit growth: From $10 million to approximately $245 million (USD)
- FDIC-insured
- Physical branch: Elmore City, Oklahoma, but primarily digital operations
Key Feature: Old Glory Bank is among the few U.S. banks offering deep cryptocurrency integration alongside traditional banking.
Digital Asset Acquisition Corp. (DAAQ) – SPAC Overview
DAAQ is a SPAC, a “blank-check” company created to acquire private companies and bring them public.
SPAC simplified:
- Does not operate a business itself
- Merges with or acquires private companies to make them public
- Faster and simpler alternative to a traditional IPO
Through this merger, DAAQ will take Old Glory Bank public under the NASDAQ ticker OGB.
Crypto and Digital Banking Initiatives
A major differentiator for Old Glory Bank is its crypto integration:
- Freedom Offramp: Customers can move funds directly between crypto wallets and their bank accounts.
- OGBUSD Stablecoin: A planned U.S. dollar-backed stablecoin to facilitate seamless digital transactions.
- Crypto Loans & Payments: Future products enabling crypto-backed lending and payments.
- Small Business Focus: Providing crypto-enabled solutions for small businesses.
Deal Analysis – Why It’s Important
1️⃣ Faster NASDAQ Listing
The SPAC merger allows the bank to go public more quickly, bypassing the lengthy traditional IPO process.
2️⃣ Capital for Growth
With DAAQ’s trust fund (~$176M) and potential PIPE investments, the bank has sufficient capital to expand operations and launch new services.
3️⃣ Crypto-Friendly Banking
Few U.S. banks fully integrate cryptocurrency with traditional banking. Old Glory positions itself as a leader in this emerging niche.
4️⃣ Investor Opportunity
- Provides retail and institutional investors access to a banking + crypto growth story
- SPAC investments carry higher volatility, so caution is advised
Founders’ Statements
Michael Shaw, Co-Founder:
“We want customers to seamlessly move funds between crypto and their bank accounts using Freedom Offramp.”
Ben Carson, Co-Founder:
“This deal allows us to grow deposits and give Americans the opportunity to own a piece of their bank.”
Future Plans and Expansion
- Digital Banking Services: Checking, savings, bill pay, and transfers
- Small Business & Crypto Solutions: Expanding services to meet business needs
- OGBUSD Stablecoin Launch: Facilitating seamless crypto-to-fiat payments
- Crypto Lending & Payment Systems: Planned rollout in the near future
Outcome
The merger between Old Glory Bank and DAAQ opens a new chapter in digital banking and crypto services:
- The new entity, OGB Financial Company, will be listed on NASDAQ
- Customers will benefit from a combination of digital banking and crypto capabilities
- Investors gain exposure to a rapidly growing fintech and crypto banking sector
This transaction sets a new benchmark for the future of digital banking in the U.S., demonstrating the increasing integration of cryptocurrency into mainstream financial services.
Source: businesswire OGB
