US-based Old Glory Bank and Digital Asset Acquisition Corporation (DAAQ), a special purpose acquisition company (SPAC), have entered a definitive business combination agreement to create OGB Financial Company.
Following the SPAC merger, OGB Financial Company will be listed on Nasdaq as a publicly traded company under the ticker symbol OGLY. In a statement, Old Glory says it expects to complete the transaction “at the end of the first quarter or early in the second quarter of 2026”, pending regulatory and shareholder approval.
Announcing the deal, Old Glory says: “DAAQ currently has $176 million in its trust account, and Old Glory Bank’s pre-money valuation will be $250 million in this transaction. The parties intend to arrange a PIPE or other proceeds of at least $50 million for closing.”
Once completed, the merged entity will retain the Old Glory Bank name and continue its operations from its Texas headquarters. This entity will be led by members from both organisations, with Old Glory co-founder Ben Carson serving as chairman of the board.
“This transaction and the related listing on Nasdaq will provide the capital necessary for us to continue growing deposits while ensuring that the great Americans living on Main Street, who we serve from sea to shining sea, can also be owners,” Carson comments.
Old Glory is a digital bank that serves over 80,000 personal and business customers across all 50 US states. Since its introduction of online accounts in April 2023, it claims customer deposits have grown “more than 2,000% from $10 million to over $245 million as of December 31, 2025”.
Core services include checking and savings accounts, mobile banking, bill payment, peer-to-peer transfers, and small business banking services. Speciality products include a closed-loop payment solution called Old Glory Pay and the Old Glory Alliance crowdfunding solution, among others.
Old Glory expanded its remit with bank accounts for the crypto community two years ago, and it plans to debut its own dollar-pegged stablecoin, OGBUSD, alongside various crypto loan options, once the deal with DAAQ is finalised this year.
“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,” comments Old Glory co-founder and chief innovation officer, Michael Staw.
Source: https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq
