What to Watch as Old Glory Bank's SPAC Merger Moves to Close
Old Glory Bank, a digital-first bank serving personal and small-business customers nationwide, is going public through a merger with Digital Asset Acquisition Corp. (DAAQ). The deal is expected to list the combined company on Nasdaq under OGB, with the key question now being whether redemptions and dilution leave enough cash to support growth.
Old Glory Bank, a digital-first bank serving personal and small-business customers nationwide, is going public through a merger with Digital Asset Acquisition Corp. (DAAQ). The deal is expected to list the combined company on Nasdaq under OGB, with the key question now being whether redemptions and dilution leave enough cash to support growth.
Deal at a Glance
SPAC partner: Digital Asset Acquisition Corp.
SPAC ticker (trades now): DAAQ
Expected post-merger ticker: OGB
Implied valuation: $441.8M EV
Expected close: Q2 2026
Est. first trading date: mid-July 2026
Deal status: Announced
Source filing: SEC S-4/A (2026-06-29)
Company Overview
Old Glory Bank is a digital-first financial institution focused on personal and small-business banking. It says it serves customers in all 50 states through an online platform, with a physical branch in Elmore City, Oklahoma. The company launched its premier online banking platform in April 2023 and says it began banking crypto companies in early 2024.
The product set is broader than a basic checking account. On the retail side, Old Glory discloses free accounts, early pay, no-fee overdrafts, debit and credit cards, bill pay, automated savings, mobile check deposit, alerts, financial planning tools, and Apple/Google Wallet support. On the business side, it offers bill pay, wires, ACH, FX, mobile deposits, fraud protection, user permissions, custom alerts, and dashboard tools. It also markets veteran-focused products, round-up charitable giving, and services for veterans and first responders.
Scale has grown quickly for a bank that only launched in 2023. The company says retail deposit accounts rose from 0 in April 2023 to about 79,000 by December 2025, business accounts reached about 4,000 by December 2025, and total deposits climbed to $247 million. The materials also show strong engagement metrics, including 72% of customers logging in every 3.22 days, $1.5 billion in customer transactions, and $180 million in debit card spend.
Industry-wise, Old Glory is pitching itself as a digital-first, crypto-aware bank aimed at a niche customer base that values its "America first" positioning. The investor deck does not disclose a formal TAM, but it frames the opportunity as a large underserved market tied to digital banking, crypto integration, and veteran- and first responder-focused financial services.
The SPAC Deal
Old Glory Bank is merging with Digital Asset Acquisition Corp., which trades today under the ticker DAAQ. The investor presentation says the transaction implies a pro forma enterprise value of approximately $441.8 million for the combined company, with Old Glory shareholders rolling over 100% of their equity and ending up with about 47% ownership. That is a meaningful valuation for a bank with $247 million in deposits and a still-small loan book, so shareholders should watch whether the market views the price as fair for the stage of the business.
The trust and financing structure matters just as much as the headline valuation. The deck assumes about $176 million in trust and models 0% redemptions in the valuation bridge, while also assuming a $50 million PIPE. The materials say the deal is expected to deliver about $207 million of net cash at closing, but actual redemption levels have not been disclosed yet. The merger agreement allows the closing cash schedule to be updated if redemption participation changes, which is a reminder that trust cash can leave before the deal closes.
Dilution is another key retail issue. The S-4 opinion letter references 48,000,000 shares of PubCo common stock and 15,128,035 warrants, with 14,075,000 shares issuable upon warrant exercise. The materials also reference sponsor support and lock-up agreements, but they do not provide a clean sponsor promote percentage in the excerpts reviewed. The expected post-merger ticker is OGB on Nasdaq. The deal was announced on January 13, 2026, the S-4 became effective on July 6, 2026 at 4:00 P.M., and the materials point to a first-half-2026 / Q2 2026 close window. Based on the effectiveness notice, the most reasonable public-listing window is mid-July 2026, assuming the transaction closes shortly after effectiveness; however, the filings reviewed do not show a completed closing or termination notice.
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The SPAC route gives Old Glory a faster path to public markets than a traditional IPO and lets it present forward-looking operating plans in the deal materials. That matters for a bank still in growth mode: the company says it needs transaction financing to keep expanding deposits and move toward profitability, and the merger structure provides both capital and a public currency.
The deal also gives Old Glory a platform to market its niche strategy more directly. The company is leaning into digital banking, veteran and first responder products, and crypto-related services such as a consolidated dashboard, easy on/off blockchain, OGBUSD stablecoin, stablecoin-as-a-service, and liquidity access lines. Those crypto initiatives are explicitly subject to regulatory requirements and approval, including minimum capital requirements, so the public-market pitch is as much about optionality as current earnings power.
Financial Highlights
Old Glory’s disclosed operating metrics show rapid deposit gathering, but the financial profile is still early. Deposits reached $247 million by December 2025, cost of funds was 0.86% in Q3 2025, and the loan portfolio is currently less than 4% of assets. The company says net interest income depends heavily on Fed interest rates and treasury/securities yields, which means the earnings model is still sensitive to rate conditions and asset mix.
The company does not disclose a full income statement in the excerpts reviewed, so revenue, margin, and loss trends are not fully visible here. It does say it needs the financing from the transaction to continue deposit growth and move toward profitability, and the investor materials include management projections, though the numeric projection tables were not visible in the excerpts reviewed. Investors should treat those as projections, not current results, and focus on whether deposit growth can keep outpacing funding and compliance costs after the merger.
Risk Factors
The biggest de-SPAC risk is cash leakage at closing. The deck assumes 0% redemptions, but the merger agreement gives shareholders redemption rights and the actual redemption level has not been disclosed. If redemptions are heavy, the trust cash available to the combined company could fall well below the modeled level, which would pressure the growth plan and could force more dilution or a tighter balance sheet.
Dilution and execution risk are also front and center. The filings reference a large warrant overhang, sponsor support, and lock-up agreements, but they do not fully spell out the sponsor promote economics in the excerpts reviewed. On top of that, Old Glory still has to prove it can keep growing deposits, expand its loan book carefully, and satisfy bank regulatory capital requirements. The crypto-related product roadmap adds another layer of regulatory uncertainty, and the SPAC itself carries the usual deal-break risk if closing does not happen before the completion period. The SPAC also has going-concern and liquidation risk if the transaction fails.
Comparable Public Companies
Old Glory did not provide a formal comp set in the materials reviewed, so the closest public peers are digital banks and fintech-banks with consumer and small-business exposure. Reasonable comparables include SoFi Technologies (SOFI), Nu Holdings (NU), Robinhood Markets (HOOD), Upstart Holdings (UPST), and Affirm Holdings (AFRM). These names are not perfect matches, but they help frame how the market prices digital financial platforms with growth-first narratives.
As a group, these stocks tend to trade on growth, funding efficiency, and path-to-profitability rather than near-term book value alone. SOFI and NU usually anchor the digital-bank comparison set, while HOOD, UPST, and AFRM reflect the market’s willingness to pay up for platform growth when user engagement is strong. The exact multiples move with rates and risk appetite, but the broader setup is that higher-growth fintech and digital banking names can command premium valuations when deposit growth, engagement, and unit economics are improving.
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The bottom line: Old Glory Bank is not a pre-revenue concept, but it is still a growth-stage bank with a niche brand, a small loan book, and a valuation that assumes the market will buy the story. The deal’s real test is not the headline $441.8 million enterprise value; it is whether trust cash survives redemptions, whether the PIPE closes as expected, and whether the post-merger balance sheet is strong enough to support growth and regulatory requirements.
Shareholders should watch three things as the deal moves from effective S-4 to close: redemption levels, final cash at closing, and the dilution stack from warrants and sponsor economics. If the transaction closes near the expected Q2 2026 / mid-July 2026 window, the combined company should begin trading on Nasdaq under OGB. That timing matters because the market will quickly decide whether Old Glory’s deposit growth, crypto optionality, and brand positioning justify the implied valuation or whether the deal needs more cash and less dilution to work.
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