A group with ties to Ben Carson, former Secretary of Housing and Urban Development, has received regulatory approval to buy First State Bank in Elmore City, Okla.
The group said in a press release that it is set to buy the $17 million-asset bank on Nov. 30. It will be rebranded as Old Glory Bank and have a digital-first strategy.
The bank “will serve lower- and middle-income Americans and those Americans that other banks have marginalized and ignored, hard-working patriots who keep this country running every day,” Carson said in the release.
William Shine, former co-president of Fox News and president of Fox Business News, will be the bank’s chairman. The board will include Carson and Larry Elder, a radio and television host, will also join the board. Musician John Rich is among the investors.
Clay Christensen is First State’s CEO. The acquiring group said that all legacy employees will stay at the rebranded bank.
Old Glory Bank will begin offering banking and financial services in the first quarter.