LevelField Financial, Inc., a U.S. financial services firm aiming to bring together traditional banking and digital asset products in a unified platform, announced that it received conditional approval from the Illinois Department of Financial and Professional Regulation (IDFPR) in order to finalize its acquisition of Burling Bank, based in Chicago, Illinois.
The bank, to be renamed LevelField Bank following the completion of the acquisition, is reportedly set to become a full-service FDIC-insured chartered bank to offer certain business and personal banking and digital asset services to customers in “all U.S. states and territories.”
The approvals and the consummation of the acquisition remain “subject to the satisfaction or waiver of customary closing conditions including the approval by the Board of Governors of the Federal Reserve System to become a Bank Holding Company with respect to the Bank.”
LevelField is reportedly represented in the acquisition by Hunton Andrews Kurth LLP, as its legal advisor, and 3V Capital Partners, a division of CAVU Securities, LLC, as its financial advisor.
LevelField’s regulatory approval represents a step forward for the U.S. banking industry. After the close of the acquisition, LevelField Bank will seek to offer 24×7 banking with a range of products and services “for customers interested in cryptocurrency and for businesses in underbanked sectors, including the digital asset industry.”
As LevelField Bank introduces products, customers will be able to access loans and credit cards collateralized “by Bitcoin, Bitcoin rewards credit and debit cards, digital asset custody and trading of cryptocurrency, all in addition to traditional banking products and services.”
Businesses that previously experienced difficulty accessing banking services will be able to “use real-time payment and cash management services including seamless migration between dollars and cryptocurrencies.”
LevelField Bank will also build upon the community banking foundation established by Burling Bank and continue “to engage and grow alongside the community.”
With a team composed of traditional financial industry veterans, community bankers, and digital asset professionals “who have been active in the space since its early days, LevelField Bank execs have a blend of skills and experience.”
LevelField Bank is expected to set the standard for a “well-managed, regulated financial services firm supporting customers who wish to participate in the digital asset class within the … security that comes with a full-service, FDIC-insured bank.”
As noted in the update, LevelField is focused on bringing together more conventional banking and crypto-assets products and related services in one platform.
Established by banking and financial services professionals, LevelField aims to be a regulated partner for trading, borrowing and earning using traditional and digital assets. LevelField’s acquisition of Burling Bank “supports this core business strategy.”
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