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FDIC Issues Corrective Action Directive Against Old Glory Bank

1 report, 1 independent Updated Sep 25

AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

Old Glory Bank, co-founded in 2022 by Ben Carson and Larry Elder, has been placed under an FDIC order. The bank is based in Elmore City, Oklahoma, and has been unable to achieve profitability despite growing deposits from $10 million in 2023 to over $245 million at the end of 2025. The FDIC issued a formal corrective action directive because the bank's capital dropped below minimum requirements.

From americanbanker.com

Why it matters

Some supportBrind's analysis of the reports

The bank is currently facing an enforcement action, which limits its growth prospects and raises questions about its viability as a going concern. The founders of the institution are prominent figures in the conservative political sphere.

From americanbanker.com

Who's involved

Ben CarsonCo-founder of Old Glory Bank
Larry ElderCo-founder of Old Glory Bank

Keep exploring

The entities involved

Oklahoma
state of the United States of America
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Ben Carson
Neurosurgeon and former United States Secretary of Housing and Urban Development

Nothing else this week.
Larry Elder
American talk radio host and attorney (born 1952)

Nothing else this week.

Coverage

Newest first; wire copies grouped

Sep 25americanbanker.com