This fledgling bank is looking to profit as Wall Street giants push to 'debank' conservatives
By debanking conservatives, JPMorgan and Bank of America may be “debanking” themselves, On The Money has learned. It all stems from a raft of bad publicity that began with President Trump’s statements in Davos a couple of weeks ago, accusing the nation’s No.1 and No.
2 banks of cancelling accounts of conservatives.It continued with Wednesday’s Senate Banking Committee hearing on the matter. The result: Some customers began to flee the big guys, and at least one beneficiary has been to a small online bank that is beginning to make a name for itself in conservative circles by claiming to be a safe haven from woke banking.That would be Old Glory Bank, which bills itself as free from the “cancel-culture and snooping eyes” that big banks employ against conservatives. Officials there tell On The Money that they’ve seen a significant upswing in business following Trump’s broadside where he called out JPMorgan Chase CEO Jamie Dimon and Bank of America’s Brian Moynihan by name for cancelling eight-leaning banking accounts. Old Glory accumulated over 2,000 new customers in just the first 36 hours after Trump’s comments.
The bank also saw an upswing in social media engagement — around 700,000 mentions — of the little-known financial institution.Old Glory’s CEO Mike Ring even got to take a victory lap by testifying at the hearing, crowing about how cancel culture permeates big financial institutions.Truth be told, Old Glory has a long way to go before it goes head-to-head with the likes of JPM.
It has about $180 million in assets.JPM has $4 trillion; BofA has $3.4 trillion.
And officials from both banks say they haven’t seen material levels of deposits flowing elsewhere. Old Glory, located in Oklahoma, was launched a little more than a year ago and lost about $9 million in its last quarter ending Sept 30, filings show.That said the recent news cycle has been good and you can’t say the same for JPM or BofA or any of the mainstream...