Old Glory Bank Continues Brisk Expansion and Announces Ownership Opportunity with a Public Private-Placement
Old Glory Bank announced today they are again challenging the status quo by directly inviting accredited Americans in all 50 states to become an owner of Old Glory Bank.
Old Glory Bank's commitment to love of country, faith, freedom, respect of flag, and a deep appreciation for the Military and first responders has struck a chord with hometown America, growing in its first year to over $100 million in deposits and adding tens of thousands of new customers across all 50 states.
This novel Public Private-Placement, with a minimum investment of $1776, allows accredited Americans to enjoy an ownership opportunity that is typically reserved for venture capital insiders.
"Our mission statement is the US Constitution, and in our first year of operation, we restored banking freedom to all of America," said Old Glory Bank President and CEO Mike Ring. "Our mission has resonated across America, and we quickly grew to a national footprint with the industry's best mobile banking products and services." Old Glory Bank became the community bank for all of America by offering personal accounts, business accounts, Old Glory Pay (OGB's cancel-proof, closed loop payment solution), debit cards, credit cards, home loans, overdraft protection, charitable round-ups, and Old Glory Cash-IN, where customers can easily deposit cash into their Old Glory Bank account at 85,000 retail locations. Terms and conditions apply to these products and features.
"To maintain our independence from the cancel-culture that has infected many of America's financial institutions, we've launched this public private-placement to raise up to $20 million in capital from within the Freedom Economy," continued Ring, whose career includes 25+ years as a corporate and securities lawyer. "Normally, getting an ownership opportunity in a fast-growing, early-stage company is only available to Wall Street and Silicon Valley institutions," Ring says, "but our offering will harness the growing momentum of patriotic Americans who want to support a bank that actually shares their values."
Old Glory Bank was created when its founders purchased an FDIC-insured bank in December 2022, the 120 year old First State Bank in Elmore City, Oklahoma. This legacy bank took 120 years to grow to 229 customers and $12 million in deposits. Old Glory Bank just began offering online accounts in March of 2023, and during their first year have added tens of thousands of new customers across all 50 states, with deposits totaling over $100 million, which is more than 700% growth.
"Old Glory Bank is 100% owned by our founders, friends, and family," added Mike Ring. "We're now raising tier one regulatory capital that will allow for our continued unprecedented growth, and this public private-placement will ensure that Old Glory Bank will remain owned by Main Street ? not Wall Street."
Old Glory Holding Company, the Delaware bank holding company that owns Old Glory Bank, is undertaking this public private-placement in accordance with Rule 506(c) of Regulation D. The minimum purchase amount is only $1776 ($1,776.00). These purchased shares are "restricted" and may not be resold until registered, unless there is an available exemption to registration. Emphasizes Ring, "Old Glory Bank is only for long-term owners who believe that we need a Bank that shares our Pro-America values and protects us from Government overreach."
Old Glory Bank has one of the industry's strongest loan-to-asset ratios (about 4%), has no exposure to commercial real estate, and has one of the industry's highest liquidity ratios (about 98%). We are primarily undertaking this public private-placement to satisfy leverage ratios (tier one capital to assets) relating to our fast-growing deposits. "Like an insurance company or broker-dealer, banks must maintain certain minimum capital requirements, and we believe the best way to ensure Old Glory Bank continues on its mission, is to raise capital directly from Americans who share our passion for freedom," said Ring.
17 CFR § 230.506 provides an exemption from registration for the sale of stock by an issuer, known as a "private placement." Paragraph (c) of this Rule 506 allows "public" solicitation of a private-placement so long as every purchaser is "accredited" (i.e., a "public private-placement"). Generally, an accredited investor is an individual who has annual income in excess of $200,000 for the prior 2 years (or joint income with a spouse in excess of $300,000). Regardless of annual income, an individual is also accredited if having a net worth in excess of $1 million (excluding principal residence). There are also rules for trusts and other entities. See 17 CFR § 230.501(a).
Ring notes that once Old Glory has more than 2,000 stockholders, Old Glory Holding Company will begin typical filings under the Exchange Act of 1934.
If someone is accredited and wants to consider becoming a long-term owner of Old Glory Bank, they can start their journey today at own.oldglorybank.com. If someone has not yet opened an account at Old Glory Bank, it takes just 8 minutes at www.oldglorybank.com.
To interview Mike Ring, Old Glory Bank's President and CEO, contact Ms. Jules Wortman, at [email protected] or Kim Doster, at [email protected].
Purchasing an Ownership Interest in Old Glory Holding Company is not a deposit, is not insured by the FDIC or any government agency, is not guaranteed, and may lose value.
About Old Glory Bank
Old Glory Bank is an FDIC-insured chartered bank that offers the best mobile banking solutions for consumers and businesses, from sea to shining sea. Old Glory Bank is committed to serving those who feel marginalized for believing in the greatness of America. Old Glory Bank was co-founded by some of the leading voices supporting freedom and love of country, including former Secretary of Housing and Urban Development, Dr. Ben Carson; Radio and Television Host Larry Elder; country music superstar, TV host, entrepreneur, and songwriter, John Rich; and former two-term Governor of Oklahoma, Mary Fallin-Christensen. Visit www.oldglorybank.com. We Stand with You. No Matter Where You Stand.
News published on and distributed by:
