Old Glory Bank Abandons Nasdaq Deal Amid Federal Reserve Opposition

Old Glory Bank has abandoned its planned Nasdaq deal after the Federal Reserve refused to approve it, according to President and CEO Mike Ring. The bank had announced in January that it would go public with a valuation of $250 million, but the deal was mutually terminated on August 13.

The companies involved, Old Glory Holding Company and Digital Asset Acquisition Corp., said they had submitted an FR Y-3 application to the Federal Reserve on February 5, asking for approval to list OGB Financial Company as a bank holding company. However, the application remained pending as of July 7.

Ring attributed the deal's collapse to the Federal Reserve, stating that the SEC had approved the transaction but the Fed would not. He also criticized the central bank, saying it was working against Main Street banks and the economy.