Old Glory Bank has outlined plans to launch its NextGen banking platform in the first quarter of 2027, pairing traditional accounts with crypto services after a financing deal stalled during Federal Reserve review. Summary Q1 2027 is the bank’s launch target, with another capital transaction planned before opening. Old Glory says it holds $280 million in assets and roughly $20 million in loans. Its current FAQ lists HBAR and XDC first, followed by XRP, Bitcoin, and XLM. A 2024 consent order required more capital, stronger oversight, and approval for business plan changes. Old Glory Bank said in recent public replies that it expects to obtain capital elsewhere by year-end after its proposed merger failed to deliver the financing needed for the crypto rollout. The Oklahoma bank attributed the setback to the Federal Reserve and said it believes its crypto plans were the reason. While you may understand the blockchain, it appears you do not understand banking. We have $280mm in assets and only $20mm in loans. We are about 90% liquid, with our assets being held in floating agency bonds. We have the best asset class in the industry. This is why we support…— Old Glory Bank (@OldGloryBank) November 12, 2026 In a Nov. 12 X post, the bank defended its financial position, saying it was approximately 90% liquid and held assets in floating-rate agency bonds. It put total assets at $280 million, against only $20 million in loans. “We are absolutely doing one more large capital transaction before we launch NextGen banking,” the bank wrote, saying the money would support the growth it expects from the service. Old Glory Bank plans wallet linking and crypto conversions The proposed platform would bring bank accounts and digital assets into a consolidated dashboard. In its merger prospectus, Old Glory described a system showing checking and savings balances, loans and holdings in customers’ self-custodial wallets, including MetaMask. Customers would be able to exchange dollars for a bank-issued payment stablecoin and use a service called Freedom Offramp to convert accepted digital assets into dollars deposited into their accounts. Crypto-backed credit lines were part of the proposed offering. The filing described the stablecoin as backed by cash and short-term U.S. Treasuries. Management’s working reserve model was 20% cash and 80% Treasuries, although it had not settled the allocation. On its current NextGen FAQ, the bank says the initial launch will support HBAR and XDC, with XRP, Bitcoin and Stellar’s XLM following. Questions about XRP rails, PulseChain support, and wallet or trading fees remain labeled “answer TBD.” Customers would retain the choice to use conventional banking, crypto services or both, according to the FAQ. The page does not give a specific launch day or a schedule for the later asset additions. Fed dispute involved the proposed financing merger CEO Mike Ring’s August letter to the Federal Reserve describes the earlier transaction as a business combination with Digital Asset Acquisition Corp., a special purpose acquisition company. According to Ring, the bank sought conditional approval before shareholder redemption and voting deadlines in July. His letter says the Fed asked about voting results, redemptions, money remaining in the acquisition company’s trust, and projected capital ratios after closing. Ring argued that uncertainty over approval discouraged investors from keeping money in the transaction. The bank’s subsequent public replies describe a replacement capital plan and a Q1 launch target; they do not announce that financing has closed. Separate regulatory records show that Old Glory agreed to a consent order with the FDIC and Oklahoma State Banking Department on May 1, 2024, without admitting or denying the alleged unsafe practices and legal violations. The order required a Tier 1 leverage capital ratio of 14% of average total assets, a written capital plan and stronger board supervision. Changes involving new products, business lines or proposed business relationships required advance approval from the two regulators. Independent IT audits, cybersecurity improvements and quarterly compliance progress reports were among its other requirements. The document identifies the FDIC as the bank’s appropriate federal banking agency and Oklahoma’s banking department as its state regulator. Other U.S. banking plans carry capital requirements As crypto.news previously reported, Revolut received conditional U.S. bank approval in September, with a $95 million initial capital contribution planned and an opening targeted for 2027. FDIC, Federal Reserve and final OCC approvals remained necessary before opening. OpenReserve’s proposed full-service bank received preliminary OCC approval on Sept. 2. Its conditions included at least $210 million in initial paid-in capital, deposit insurance and a preopening examination covering governance, compliance and technology. Coinbase announced full trust bank approval on Nov. 9 for its institutional custody business. Its charter excludes ordinary retail deposits, traditional lending and direct stablecoin issuance, while the approved structure requires at least $60 million in Tier 1 capital.
