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Crypto Company LevelField Receives Approval to Acquire Burling Bank in Illinois
Summary: According to Bloomberg, LevelField Financial Inc. has announced that it has received approval from the Illinois Department of Financial and Professional Regulation to acquire Burling Bank, based in Chicago, and transform it into a full-service bank offering cryptocurrency services. The transaction is still subject to approval from the Federal Reserve Board. CEO Gene Grant II ...
According to Bloomberg, LevelField Financial Inc. has announced that it has received approval from the Illinois Department of Financial and Professional Regulation to acquire Burling Bank, based in Chicago, and transform it into a full-service bank offering cryptocurrency services. The transaction is still subject to approval from the Federal Reserve Board.
CEO Gene Grant II stated that LevelField aims to complete the deal by the end of the year after obtaining regulatory approval and meeting other closing conditions. According to the application filed with the Fed, LevelField has agreed to spend up to $70 million to acquire the bank. This marks the second attempt at a merger between the two parties.
As early as the beginning of 2023, prior to the collapse of Silvergate and Signature banks, LevelField had attempted to acquire Burling Bank. They withdrew the proposal a year later, but after Donald Trump was elected President of the United States in December 2024, they made another attempt at acquisition.
The merged entity will retain Burling Bank's core community banking operations, with a focus on offering deposit accounts, loans, and custody services tailored to digital assets, such as secured loans and credit cards backed by Bitcoin or Ethereum.
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Link: Crypto Company LevelField Receives Approval to Acquire Burling Bank in Illinois [Copy]
