FDIC amends directive against Old Glory Bank in Oklahoma

The Federal Deposit Insurance Corp. has amended its prompt corrective action against Old Glory Bank in Elmore City, Okla., noting the bank is now “adequately capitalized.”

The original action from August labeled the bank as “significantly undercapitalized” and ordered it to submit an updated capital restoration plan.

The order came less than two weeks after a January merger agreement between Old Glory’s holding company and special-purpose acquisition company Digital Asset Acquisition Corp., collapsed after failing to receive regulatory approval.