What to Watch as Old Glory Bank's SPAC Merger Heads to a Vote
Old Glory Bank is a digital-first, FDIC-insured bank focused on personal and small-business banking, and it is going public through a merger with Digital Asset Acquisition Corp. (DAAQ), with closing expected in Q2 2026. The setup is attractive if you believe in the brand-led growth story, but shareholders should watch redemption risk, dilution from warrants, and whether the financing package actually lands as disclosed.
Old Glory Bank is a digital-first, FDIC-insured bank focused on personal and small-business banking, and it is going public through a merger with Digital Asset Acquisition Corp. (DAAQ), with closing expected in Q2 2026. The setup is attractive if you believe in the brand-led growth story, but shareholders should watch redemption risk, dilution from warrants, and whether the financing package actually lands as disclosed.
Deal at a Glance
SPAC partner: Digital Asset Acquisition Corp.
SPAC ticker (trades now): DAAQ
Expected post-merger ticker: OGB
Implied valuation: $316.3M EV
Expected close: Q2 2026
Est. first trading date: late Q2 2026
Deal status: Announced
Source filing: SEC S-4/A (2026-06-29)
Company Overview
Old Glory Bank is an FDIC-insured bank built around personal and small-business banking, with a digital-first model and one physical branch in Elmore City, Oklahoma. The company says its roots go back to 1903, became the first chartered bank in Oklahoma in 1908, and adopted the Old Glory Bank name in 2022. It says it serves tens of thousands of customers across all 50 states through its online platform, and its brand positioning centers on privacy, security, liberty, and a values-based customer base.
The operating scale disclosed in the deal materials is still early-stage but growing quickly. Online retail deposit accounts rose from 0 in April 2023 to about 79,000 by December 2025, online business deposit accounts reached about 4,000 by December 2025, and deposits grew from $10 million to $247 million over the same period. The company also disclosed more than 83,000 total deposit accounts in a September 2025 presentation, which shows real traction but still leaves it far smaller than established digital banks.
Industry-wise, the deal materials frame the opportunity as digital banking for a niche customer base that feels underserved by large banks and challenger banks. Old Glory’s own materials point to competition from mega banks and digital names like SoFi, Chime, Varo, and Current, while also highlighting secular migration to online/mobile banking and expansion into small-business banking, home loans, and eventually stablecoin payments and crypto-backed credit.
The SPAC Deal
Old Glory Bank is merging with Digital Asset Acquisition Corp. (ticker: DAAQ) in a de-SPAC transaction that was announced on January 13, 2026. The combined company is expected to trade as OGB Financial Company on Nasdaq under reserved ticker OGB. Based on the company’s own guidance, the expected close is Q2 2026, so the first trading window is likely sometime in that quarter if shareholder and regulatory approvals land on schedule.
The valuation framing in the 425 deck is important. The target-level implied enterprise value is shown as $250 million, while the combined company is presented with a $530.0 million implied pro forma equity value and a $316.3 million implied pro forma enterprise value. The deck also includes a separate ~$441.8 million enterprise value framing, but the more detailed valuation table appears to be the cleaner disclosure. For retail investors, the key point is that this is not a large-cap bank listing; it is a relatively small bank with a valuation that is still being built around forward growth and capital needs.
On funding, the deck shows a sources-and-uses case assuming about $176.0 million from DAAQ trust, a targeted $50.0 million PIPE, $250.0 million of equity rollover from Old Glory shareholders, $15.5 million of transaction expenses, and $210.6 million of cash to the balance sheet. The trust figure assumes 0% redemptions, which is a major caveat: the materials warn that public shareholder redemptions could reduce the cash delivered and shrink the public float, but they do not disclose an actual redemption level. The deck also says the charts exclude 8.63 million public warrants and 5.45 million private placement warrants, so dilution is a real overhang even before you get to any sponsor promote, which is not cleanly summarized in the excerpted pages reviewed.
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The SPAC route gives Old Glory Bank a faster path to public capital than a traditional IPO, and the deal materials make clear that capital is part of the story. The older offering circular says the bank needed capital to satisfy regulatory leverage ratios, fund operating costs, and support growth, and that its projections depended on raising capital. In other words, this is not just a liquidity event; it is a financing event for a bank that is still scaling.
The SPAC structure also lets management market a forward-looking growth story more aggressively than a standard IPO process typically allows. Old Glory’s materials lean heavily on projections, brand affinity, and future product expansion, including stablecoin payments and crypto-backed credit. That makes the de-SPAC route a better fit for the company’s narrative, but it also means investors should treat the upside case as execution-dependent rather than already proven at scale.
Financial Highlights
The clearest operating numbers in the materials are deposit and account growth, not a full public-company income statement. Deposits increased from $10 million in April 2023 to $247 million by December 2025, online retail deposit accounts rose to about 79,000, online business deposit accounts reached about 4,000, and total deposit accounts were above 83,000 in the September 2025 presentation. The deck also disclosed a cost of funds of 0.86% in Q3 2025, which suggests the bank has been funding deposits relatively cheaply.
What is missing is just as important: the excerpted materials do not provide a clean current revenue, net income, or cash balance table for Old Glory Bank. The older offering circular said the bank had operating losses and needed capital to support growth and regulatory ratios, while the 425 deck noted that growth had been moderated by capital constraints. Any projections in the deck should be treated as projections, not results, and the deal’s investment case depends on whether deposit growth can continue without forcing expensive funding or dilution-heavy capital raises.
Risk Factors
The biggest de-SPAC-specific risk is redemption. The trust is modeled at about $176 million assuming 0% redemptions, but the materials do not disclose how much cash may actually leave the trust before closing. If redemptions are heavy, the company gets less cash, the public float shrinks, and the post-close setup can become much less liquid and much more volatile. That matters here because the transaction is partly about funding growth and regulatory capital.
Dilution is the other major overhang. The deck explicitly excludes 8.63 million public warrants and 5.45 million private placement warrants, and the materials do not give a clean sponsor promote percentage in the accessible excerpts. Add in the targeted $50 million PIPE that is not yet identified by investor name, and the capital stack still has moving parts. Beyond the SPAC mechanics, shareholders should watch execution risk around customer acquisition, competition from large banks and digital challengers, regulatory scrutiny of a bank, and the company’s push into new products like stablecoin payments and crypto-backed credit.
There is also deal-completion risk. The transaction still needs shareholder and regulatory approval, and the materials reviewed do not show a later filing confirming that the merger has closed. If financing or approvals slip, the expected Q2 2026 timeline could move.
Comparable Public Companies
The closest public comp cited in the company’s own materials is SoFi Technologies (SOFI), which is the most relevant listed benchmark for a digital financial-services platform with consumer and banking ambitions. Other public names that investors often use for context include Ally Financial (ALLY), Upstart (UPST), and Nu Holdings (NU), though none of them map perfectly to Old Glory’s brand-driven niche-bank model.
As a comp set, these names generally trade on growth, funding costs, credit quality, and the market’s confidence in long-term profitability rather than on current deposit growth alone. SOFI is the cleanest read-through for digital banking scale, ALLY gives a more mature digital-bank comparison, UPST captures the market’s appetite for fintech execution risk, and NU shows what scaled digital banking can look like, albeit in a different geography. The deal materials do not provide live trading multiples, so investors should use the comp set as a framing tool rather than a valuation anchor.
The company’s own materials also note that SoFi had a 2025 market cap in excess of $15 billion, which underscores how far Old Glory is from public-market scale today.
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This is a bank de-SPAC where the story is less about today’s earnings power and more about whether a niche brand can keep compounding deposits while using public capital to satisfy regulatory needs and fund growth. The setup favors investors who want exposure to an early-stage digital bank with a differentiated customer base, but the deal still has the classic SPAC risks: redemptions, dilution, and a financing package that is not fully locked in publicly.
What shareholders should watch as the deal moves toward a vote and close is simple: how much trust cash actually survives, whether the $50 million PIPE is fully there, and whether the warrant overhang meaningfully caps the post-close float. Why this matters now is that the company is trying to convert real deposit growth into a public-market currency before capital constraints slow the story again. If the merger closes in Q2 2026 as expected, the combined company should begin trading as OGB on Nasdaq under ticker OGB.
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