FDIC Issues Corrective Action Directive Against Old Glory Bank
What happened
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
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
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The entities involved
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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
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Larry Elder
American talk radio host and attorney (born 1952)
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