Old Glory Bank and Digital Asset Acquisition Corporation (DAAQ) have agreed to merge and form a new publicly traded business called OGB Financial Company.
According to a January 13 notice, this new company will be based in Texas and trade shares on Nasdaq under the ticker OGB.
This banking group currently manages over 80,000 personal and business accounts across all 50 states and operates a physical location in Elmore City, Oklahoma.
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DAAQ has stated its trust account holds around $176 million. The merger values Old Glory Bank at $250 million before new funding.
Both companies intend to raise another $50 million through a private investment in public equity or a similar fundraising strategy.
Among the bank’s founders are prominent figures such as Dr. Ben Carson, Larry Elder, John Rich, Sean Spicer, and Bill Shine. The group describes the bank as a freedom-oriented alternative to traditional banks, according to its press release.
The bank’s chief innovation officer, Michael Staw, has spoken about integrating crypto tools with regular banking. Plans are underway to use a pending patent technology, “OGB Freedom Offramp“, to allow users to convert digital assets into dollars and add them to their bank balance.
The company is preparing to introduce a stablecoin, OGBUSD, pegged to the US dollar and based on the ERC-20 protocol for cross-border transactions.
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