Old Glory Bank in Oklahoma, SPAC call of proposed merger

Old Glory Bank in Elmore City, Okla., will remain privately held after scrapping a plan to sell to Digital Asset Acquisition Corp., a special purpose acquisition company, to form a crypto-focused financial institution.

Digital Asset Acquisition Corp. confirmed in an Aug. 13 regulatory filing that the companies had mutually terminated their agreement. The Federal Reserve would not approve the deal, according to a published report.

Neither party owed a termination fee.

Old Glory HAD expected the deal to supply capital for its growth. The final prospectus disclosed that Old Glory Holding Co. recorded a $14.8 million net loss in 2025 and a $4.5 million net loss in the first quarter of 2026.