(ZeroHedge)—You’ve got problems? The free market has got solutions.
The big banks wanted to debank conservatives, especially during the Biden administration? Well, now a new bank is popping up to fill the hole. The backlash started with Trump’s Davos remarks accusing the top U.S. banks of canceling conservative accounts, followed by a Senate Banking Committee hearing shortly thereafter, according to a column by Charlie Gasparino at the New York Post.
The fallout? Some customers left major banks, boosting a small online bank positioning itself as a refuge from “woke” banking: Old Glory Bank.
Old Glory Bank, marketing itself as a haven from “cancel culture,” saw a surge in business after Trump accused major banks of shutting down conservative accounts, naming JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan.
Within 36 hours, Old Glory gained 2,000 new customers and 700,000 social media mentions. CEO Mike Ring seized the moment, testifying before the Senate Banking Committee about bias in big banks.
The Post column says that Old Glory is a small player with $180 million in assets, far behind JPM’s $4 trillion and BofA’s $3.4 trillion. Both banks report no major deposit outflows. Founded a year ago in Oklahoma, Old Glory posted a $9 million loss last quarter.
Yet, the controversy has put it in the spotlight, while major banks scramble to defend themselves—not just against Trump but also Sen. Elizabeth Warren and others—over politically motivated account closures.
And if and when the bank promises a debt-free fully reserved balance sheet, we’ll sure be paying closer attention…
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