Oklahoma’s Old Glory Bank scraps plan to go public

Old Glory Bank in Elmore City, Okla., plans to remain a private company after calling off its plan to sell to Digital Asset Acquisition Corp. to form a crypto-focused bank. .The mutual decision to scrap the $250 million proposed deal was announced Aug. 13 in a regulatory filing. Co-Founder and CEO Mike Ring said the Federal Reserve did not approve the deal. He accused the Fed of asking the groups to withdraw the application to avoid definitively rejecting the plan. “Formally disapprove it so I can sue,” he said of taking legal action against the Federal Reserve.Ring said the company plans to make a public offering in a couple years. Old Glory Bank launched in 2023 with the stated mission of preventing debanking. Speaking during a recent media interview, Ring accused the Federal Reserve of corruption in favoring larger banks over smaller peers. According to the Dallas Express newspaper, Old Glory Holding Company recorded a $14.8 million net loss last year and a $4.5 million net loss in the first quarter of 2026. The newspaper reported the company had an accumulated deficit of $51.8 million as of March 31. In mid-2024, the FDIC issued a consent order against the bank after nearly $3 million in financial losses in the first quarter of the year.Old Glory Bank has more than 80,000 personal and business accounts nationwide. The bank supports cryptocurrency, firearms, agriculture and oil and gas sectors. Co-founders include former White House Press Secretary Sean Spicer, former U.S. Department of Housing and Urban Development leader Ben Carson, radio host Larry Elder and country music musician John Rich.