FDIC revises regulatory directive for Old Glory Bank and confirms its capital adequacy

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FDIC has revised its regulatory directive for Old Glory Bank, confirming that the bank currently meets capital adequacy requirements while continuing to restrict its capital activities and business operations. Old Glory may supplement Tier 1 capital by issuing common stock, noncumulative perpetual preferred stock, or through direct capital contributions from shareholders, but securities issuances and significant transactions are subject to regulatory review or approval.