Old Glory Bank is owned by Megalith Financial Holdings, a private equity firm based in New York

Old Glory Bank operates as a subsidiary of Megalith Financial Holdings, which acquired it in 2021. Megalith is a private company focused on acquiring and operating community and regional banks. The bank itself is chartered as a national bank under the Office of the Comptroller of the Currency (OCC), which means federal regulators oversee its operations and safety standards.

Understanding who owns your bank matters because it affects how your deposits are insured, who handles complaints, and what happens if the bank fails. With Old Glory Bank, your money is protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category, regardless of private ownership. The OCC conducts regular examinations to ensure the bank meets capital and lending standards.

Key Takeaways

  • Megalith Financial Holdings, a private equity firm, owns Old Glory Bank as of 2021.
  • Old Glory Bank is federally chartered and regulated by the Office of the Comptroller of the Currency, not by state regulators.
  • Your deposits are insured by the FDIC up to $250,000 per account category, regardless of who owns the bank.
  • Private ownership does not change your account protections or the bank's regulatory obligations.

How the OCC regulates Old Glory Bank

The Office of the Comptroller of the Currency is part of the U.S. Department of the Treasury and has direct authority over all national banks, including Old Glory. The OCC examines the bank's financial condition, risk management, and compliance with federal banking laws at least once every 12 to 24 months, depending on the bank's size and risk profile.

This means Old Glory Bank must maintain minimum capital levels, report its financial condition regularly, and follow strict rules about lending, deposit-taking, and consumer protection. If the OCC finds problems, it can issue enforcement actions, require the bank to fix issues, or in extreme cases, revoke the bank's charter. Your account holder agreement and fee schedule are also subject to OCC review for compliance with truth-in-savings rules.

FDIC insurance protects your money regardless of ownership

Your deposits at Old Glory Bank are insured by the FDIC up to $250,000 per depositor, per insured bank, per ownership category. This means if you have a checking account in your name alone, that account is covered up to $250,000. If you have a joint account with another person, that account is covered separately up to $250,000. If you have a retirement account (IRA) at the same bank, that is also covered separately up to $250,000.

FDIC insurance is backed by the full faith and credit of the U.S. government and does not depend on who owns the bank. Whether Old Glory Bank is owned by Megalith Financial Holdings, a different private company, or a public corporation makes no difference to your coverage. The FDIC maintains a fund paid for by bank premiums, not taxpayer money, and has never failed to pay insured deposits in full.

What private equity ownership means for account holders

Private equity firms like Megalith typically acquire banks to improve operations, reduce costs, or grow the customer base. This can mean changes to fee structures, branch locations, technology platforms, or service offerings over time. However, these changes must comply with federal banking law and cannot reduce your deposit insurance protection or violate your account agreement without notice.

If Old Glory Bank were to fail, the FDIC would either arrange a merger with another bank or pay out your insured deposits directly. Your account would not disappear, and you would not lose money up to the $250,000 limit. The FDIC has a track record of resolving failed banks quickly, often over a weekend, so customers can access their money on Monday.

How to verify Old Glory Bank's ownership and regulatory status

You can confirm Old Glory Bank's ownership and charter status through the OCC's website, which maintains a public database of all national banks. Search for "Old Glory Bank" in the OCC's National Bank Directory to see the charter number, headquarters location, and regulatory status. The FDIC also maintains a bank search tool where you can verify that your specific branch is FDIC-insured and see your coverage limits.

Your account statements and deposit account agreement should also list the bank's charter type and FDIC insurance information. If you have questions about your coverage or the bank's regulatory status, you can contact the OCC's Customer Assistance Group or the FDIC's Division of Depositor and Consumer Protection directly.

What changes in ownership mean for your account access

When a private equity firm acquires a bank, account holders sometimes worry about service disruptions or changes to online banking. In practice, ownership changes are managed to minimize customer impact. The acquiring company typically maintains existing account numbers, routing numbers, and online banking platforms during a transition period, though updates may happen gradually.

You should receive written notice of any material changes to your account terms, fees, or services. Federal law requires banks to give you at least 30 days' notice before changing the terms of your deposit account. If you disagree with a change, you have the right to close your account and move your money to another bank without penalty during the notice period.

Frequently Asked Questions

Does private ownership mean Old Glory Bank is less safe than a bank owned by a public company?

No. Safety depends on regulatory oversight and capital standards, not ownership structure. The OCC examines Old Glory Bank regularly and enforces the same rules regardless of whether it is privately or publicly owned. Your FDIC insurance is identical either way.

What happens to my account if Megalith Financial Holdings sells Old Glory Bank?

Your account remains protected and continues to operate under the same FDIC insurance. The new owner must comply with all existing account agreements and federal banking law. You will receive notice of any material changes to your account terms before they take effect.

Can I find out more about Megalith Financial Holdings?

Megalith is a private company and does not file public financial reports like publicly traded banks do. However, you can verify Old Glory Bank's financial condition through the OCC's public examination reports and the FDIC's bank database, which show capital levels, asset quality, and regulatory ratings.

Where do I report a problem with Old Glory Bank if I think it is violating banking law?

You can file a complaint with the OCC through its Customer Assistance Group, or with the FDIC if the issue involves deposit insurance or consumer protection. Both agencies have online complaint forms and investigate violations of federal banking law.