Old Glory Holding Company

Terminated

Financials · bank holding company · Elmore City, United States · founded 2023

What it is: Old Glory Bank is a digital-first, FDIC-insured state-chartered bank providing personal and small-to-medium business banking services
What it’s doing now: Merging with Digital Asset Acq (DAAQ) — terminated, announced Jan 13, 2026; shareholder vote Aug 14, 2026.
What you should know: The real share count puts the effective valuation 85% above the announced $250M. The deal carries a $50M minimum-cash condition — heavy redemptions can break it.

The business, per its filings

SEC primary

Old Glory Bank is a digital-first, FDIC-insured state-chartered bank providing personal and small-to-medium business banking services. It serves a niche market including cryptocurrency participants, conservatives, oil & gas enterprises, firearm enthusiasts, veterans, and first responders, delivering cloud-enabled retail and commercial banking, alternative payment rails, mortgage origination, and specialty protection products.

Source: S-4/A, accession 0001493152-26-031117 · extraction confidence: high

What the company says about itself

Web research — not audited

Old Glory Bank is a nationwide online bank branding itself as 'America's freedom-focused bank' and 'the bank for the Freedom Economy.' It offers personal and business banking accounts, home loans, business lending, a line-of-duty death benefit for first responders and military (Old Glory Protect), and a cancel-proof fundraising platform (Old Glory Alliance). The bank is developing crypto integration to link crypto, stablecoins, and self-custodial wallets with traditional accounts, including its own stablecoin OGBUSD. It opened its first online account in 2023 and serves customers in all 50 states.

Markets:: Banking | Cryptocurrency | Home Lending | Business Lending | Fundraising
Products:: Personal Checking and Savings | Business Accounts | Home Loans (Conventional, FHA, VA, Refinance, Home Equity Loans and Lines of Credit) | Business Lending (Conventional and SBA Loans) | Old Glory Protect (Line-of-Duty Death Benefit) | Old Glory Alliance (Fundraising Platform) | OGBUSD Stablecoin | Crypto Integration Dashboard

What our web check found

[WEB-INTEL 2026-08-26] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] [WEB-INTEL 2026-08-26] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Holding Company, is offering only 5 million freely tradeable Class B Voting Common shares, at $7.00 per share." [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares] [WEB-INTEL 2026-08-26] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The current crowdfunding round has a maximum target of $35 million." [https://kingscrowd.com/old-glory-holding-company-on-rialto-markets-2024/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Holding Company, is offering only 5 million freely tradeable Class B Voting Common shares, at $7.00 per share." [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank will merge with DAAQ in a $250 million deal, January 14, 2026 schedule2 Min … $176 million in its trust account," [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] [WEB-INTEL 2026-08-26] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Holding Company, is offering only 5 million freely tradeable Class B Voting Common shares, at $7.00 per share." [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares] [WEB-INTEL 2026-08-26] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] [WEB-INTEL 2026-08-26] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Holding Company, is offering only 5 million freely tradeable Class B Voting Common shares, at $7.00 per share." [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares] [WEB-INTEL 2026-08-26] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] [WEB-INTEL 2026-08-26] 7 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The current crowdfunding round has a maximum target of $35 million" [https://kingscrowd.com/old-glory-holding-company-on-rialto-markets-2024/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Invested this round: $8,376,782" [https://kingscrowd.com/old-glory-holding-company-on-rialto-markets-2024/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank recently closed a Reg D offering, raising $1.33 million" [https://www.crowdfundinsider.com/2025/08/248213-conservative-affiliated-bank-old-glory-bank-raises-money-under-reg-a-exemption/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Holding Company, is offering only 5 million freely tradeable Class B Voting Common shares, at $7.00 per share" [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The minimum investment is $63" [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares] [WEB-INTEL 2026-08-26] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Bank's pre-money valuation was set to be $250 million" [https://www.bankingdive.com/news/old-glory-bank-spac-scrap-merger-plans-fed-acquisition/828165/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$176 million in its trust account" [https://www.fintechfutures.com/m-a/old-glory-to-go-public-via-250m-spac-merger-with-daaq] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Old Glory Holding Company, is offering only 5 million freely tradeable Class B Voting Common shares, at $7.00 per share." [https://www.fintechfutures.com/press-releases/old-glory-bank-announces-digital-assets-can-now-be-used-to-purchase-mini-ipo-shares]

Source: https://oldglorybank.com/ · captured Aug 26, 2026 · marketing claims are reported as claims, never merged into the filed figures above.

The deal it’s entering

Old Glory Holding Company is merging with Digital Asset Acq (DAAQ), a $173M SPAC currently marked Deal terminated and trading at $10.44 against $10.35 in trust per share.

Headline equity value	$250M
Effective valuation (all shares)	$463M+85% vs headline
Sponsor promote	25%
Minimum cash to close	$50M
Pro-forma shares	46.3M

Structure per SEC accession(s) 0001213900-26-003691, 0001493152-26-032276, 0001213900-26-084726, 0001213900-25-040233. How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

What it is being valued atSEC-primary — the filed capitalisation table

Three different numbers are all called the deal value

They are not the same fact, and only the last one is what a valuation multiple may be struck on.

Pro-forma equity value of the combined company$530M

assumes 0% redemptions

Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.

Cash on the balance sheet at close$213.7M

assumes 0% redemptions

Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.

Pro-forma enterprise value$316.3M

The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.

What that price is, per dollar of sales

Enterprise value ÷ EBITDA — not shown

No EBITDA figure for Old Glory Holding Company appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.

What qualifies these figures

The equity and cash figures above assume NOBODY REDEEMS — the filing's own assumption, and the most favourable one available to it. Public shareholders in this market frequently redeem most of a trust; at a higher rate both figures fall together and the enterprise value the multiples are struck on does not move.
The announced headline of $250M and the filed pro-forma equity value of $530M are not the same number. Both are recorded as stated; we have not reconciled them for you.

All figures above are stated in EX-99 investor presentation0001213900-26-004200

Was this deal done at an expensive or a cheap valuation?

SpacBrain’s read on the price

No multiple can be computed

We hold no revenue figure in US dollars for Old Glory Holding Company, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $316.3M regardless.

We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.

What the buyers are paying for the whole company$316.3M

Pro-forma enterprise value as filed.

Divided by what the company actually sells in a yearno revenue figure on file

Not extracted from the filings yet.

= what this deal pays for every dollar of those salesno multiple

Not computable — no revenue figure has been extracted from the filings yet.

What the stock market pays for its closest listed peersno comparable multiple

No listed comparable carries a revenue multiple we can use.

What qualifies the figures above

OSBC, ONB, SFST, CWBC, LKFN, BMRC, BFC, WNEB, HTB, FSEA, BCML, HAPN have no revenue to divide by, so they are shown but left out of the peer median.

The listed companies it is measured against

Ticker	Company	Mkt cap	EV / revenue	EV / EBITDA	Why it’s comparable
OSBC	Old Second Bancorp, Inc	$1.0B	—	—	Direct comp: Corporate Banks; small-cap ($1.0bn); shares old, bank, overdraft, deposit, cards, loans with the target's own description; forward EV/Sales 4.5x.more ▾less ▴
ONB	Old National Bancorp	$8.7B	—	—	Direct comp: Banks (NEC); mid-cap ($8.7bn); shares old, bank, loans, community, holding, financial with the target's own description; forward EV/Sales 6.3x.more ▾less ▴
SFST	Southern First Bancshares Inc	$423M	—	—	Direct comp: Corporate Banks; small-cap ($423m); shares fdic, bank, insured, deposit, cash, loans with the target's own description; forward EV/Sales 6.3x.more ▾less ▴
CWBC	Community West Bancshares	$431M	—	—	Direct comp: Corporate Banks; small-cap ($431m); shares bank, sba, loans, cards, cash, merchant with the target's own description; forward EV/Sales 4.5x.more ▾less ▴
LKFN	Lakeland Financial Corp	$1.4B	—	—	Direct comp: Banks (NEC); small-cap ($1.4bn); shares fdic, bank, insured, deposit, credit, retail with the target's own description; forward EV/Sales 5.3x.more ▾less ▴
BMRC	Bank of Marin Bancorp	$419M	—	—	Direct comp: Corporate Banks; small-cap ($419m); shares insured, bank, deposit, loans, accounts, cash with the target's own description; forward EV/Sales 1.7x.more ▾less ▴
BFC	Bank First Corp	$1.2B	—	—	Direct comp: Corporate Banks; small-cap ($1.2bn); shares bank, loans, accounts, cash, cards, deposit with the target's own description; forward EV/Sales 6.6x.more ▾less ▴
WNEB	Western New England Bancorp Inc	$257M	—	—	Direct comp: Banks (NEC); micro-cap ($257m); shares bank, overdraft, cash, deposit, loans, debit with the target's own description; forward EV/Sales 4.1x.more ▾less ▴
HTB	HomeTrust Bancshares Inc	$742M	—	—	Direct comp: Banks (NEC); small-cap ($742m); shares helocs, insured, bank, loans, deposit, sba with the target's own description; forward EV/Sales 4.3x.more ▾less ▴
FSEA	First Seacoast Bancorp Inc	$62M	—	—	Direct comp: Banks (NEC); micro-cap ($62m); shares fdic, bank, insured, loans, deposit, home with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴
BCML	BayCom Corp	$320M	—	—	Direct comp: Corporate Banks; small-cap ($320m); shares loans, sba, overdraft, bank, deposit, full with the target's own description; forward EV/Sales 3.4x.more ▾less ▴
HAPN	Happen, Inc.	$2.2B	—	—	Direct comp: Consumer Lending (NEC); mid-cap ($2.2bn); shares bank, loans, pay, sba, cash, personal with the target's own description; forward EV/Sales 1.2x.more ▾less ▴

Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data; a private target’s deal multiple is not audited the way theirs are.

Common questions

Is Old Glory Holding Company going public?

Old Glory Holding Company has a signed merger with the SPAC Digital Asset Acq (DAAQ), announced Jan 13, 2026. Deal status: Terminated.

What is Old Glory Holding Company's SPAC deal valuation?

The announced headline equity value is $250M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $463M, 85% above the headline.

Was Old Glory Holding Company bought at an expensive or a cheap valuation?

Does Old Glory Holding Company have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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BSTR Holdings — with CEPO · pre-revenue

Same sponsor’s other SPACs

SAAQ — Space Asset Acquisition · Searching
RAAQ — Real Asset Acquisition Corp. · Closed (deSPAC)
CND — Concord Acquisition Corp · Liquidated