Old Glory Bank has raised more than $8 million from over 150 existing and new accredited investors, providing additional capital after the termination of its previously planned deSPAC transaction. The offering was conducted under Rule 506 of Regulation D.
Including the latest financing, Old Glory Holding Company has raised more than $67 million from private investors.
According to the bank, the latest capital raise allowed Old Glory Bank to return to an adequately capitalized position.
The financing followed the termination of a business combination that would have resulted in a newly formed Texas bank holding company, Old Glory Financial Company, becoming publicly traded on Nasdaq.
Old Glory Bank said the planned transaction did not proceed after the Federal Reserve did not approve bank holding company status for the new holding company.
Management now plans to pursue a potential direct listing of the bank’s existing holding company rather than another deSPAC transaction.
The bank had initially expected September to focus on the introduction of Next Gen Banking, its crypto-integrated banking offering, before returning to private capital markets following the end of the business combination.
Old Glory Bank currently reports more than 85,000 personal and business accounts across all 50 states and several countries.
The digital-first bank operates a physical branch in Elmore City, Oklahoma, and began offering online accounts in April 2023.
Deposits have increased from approximately $10 million to $270 million as of June 30, 2026, representing growth of more than 2,500%.
The bank offers personal and business accounts along with lending, cards and payment services.
Its specialized offerings include Old Glory Pay, Old Glory Cash-IN and crowdfunding platform Old Glory Alliance.
KEY QUOTES:
“I expected the month of September to be about launching our incredible crypto-integrated banking solution, known as Next Gen Banking. Instead, because of the Federal Reserve’s unchecked power to determine which bank holding company deals move forward and which deals don’t, we had to return to the private markets and raise the capital we needed. We are very blessed that our owners made the decision for Old Glory Bank to continue to serve America, so we will never bend a knee to the Fed.
We still intend to go public, allowing all Americans to be an owner, but we’ll do it as a direct listing from our existing bank holding company, and not a deSPAC, so the Fed will not again have approval rights over a new bank holding company.”
Mike Ring, Co-Founder, President and CEO of Old Glory Bank
“Media outlets were very quick to report about Old Glory Bank being temporarily undercapitalized, but they have been very silent as to how the Fed denied our deSPAC. Let’s see if they even report on our latest capital raise from Main Street and our quick return to being adequately capitalized. Our owners and customers have proven that Americans want choice, and they want financial institutions that protect their freedoms and beliefs.”
Sean Spicer, Board Member of Old Glory Bank
“Community banks have long been the backbone of American commerce and local economies. At Old Glory Bank, our community is not based on a defined geographic location, but on values — and we value God, Family, and Country.”
Joe Meade, Board Member of Old Glory Bank
