Conservative Affiliated Bank, Old Glory Bank, Raises Money Under Reg A Exemption

Old Glory Bank, a conservative affiliated financial institution, is raising growth capital online under the Reg A+ exemption, which opens up the sale of securities to non-accredited investors.

Old Glory Bank, based in Oklahoma but offering digital banking services nationwide, is described as “pro-American” and is owned by Main Street, not Wall Street.

Co-founders include some well-known names in the conservative sphere, including Ben Carson, Larry Elder, John Rich, and former Oklahoma Governor Mary Fallin Christensen. Sean Spicer, a former spokesperson for President Donald Trump, is on the board of Directors.

Old Glory Bank President and CEO Mike Ring notably testified in front of Congress on the nefarious activity of debanking due to political affiliation during the Biden Administration.

According to the Offering Circular, Old Glory Bank is seeking a minimum amount of $10 million or up to $35 million in equity capital. The company intends to list its shares on OTCQX following the close.

The offering is hosted by Rialto Markets and has a price per share purchase price of $7 and and a minimum amount of $63.

Several Reg D funding rounds have been pursued as follows:

• In April 2022, 17,000,000 shares were sold for a total of $17,000,000.
• In Q4 of 2023, the bank sold 2,088,600 shares at $5.00 per share, for a total of $10,443,000.
• In Q2/Q3 of 2024, Old Glory sold 1,165,511 shares at $6.00 each, for $6,993,064. Furthermore, certain warrant holders of Class B Common Stock exercised warrants in for $386,000, resulting in approximately $7,300,000 of new capital.
•  On September 12, 2024, the bank pursued an interim offering of its stock at $6.00 per share, seeking up to $5,000,000
• Old Glory Bank recently closed a Reg D offering, raising $1.33 million.

Old Glory reports that it currently holds $255 million in deposits, while comparing its operations to those of Varo Bank, which has a significantly smaller amount in deposits. Deposits increased dramatically following the introduction of digital banking services in April 2023. Approximately 99% of customers are digital only. The online banking services are provided by Fiserv (NASDAQ: FISV).

While incurring losses today, Old Glory Bank predicts profitability in 2026.

Old Glory Bank believes it will succeed because it has “launched more products and acquired customers and deposits more efficiently than any other digital (challenger) bank.”  Last month, Old Glory Bank announced that it had been named the fastest-growing financial service provider in 2025 by CIO Insights Magazine.

The bank is leveraging the rising popularity of businesses that have pushed back on wokism, providing alternatives to liberal establishment firms. Newsmax, a conservative media company, recently successfully raised money under Reg A and then quickly listed its shares on the NYSE.