HOUSTON — LevelField Financial said it has agreed to acquire Chicago-based Burling Bank, positioning the firm to become what it calls the first full-service U.S. bank to offer both traditional banking and fully compliant digital asset services.
LevelField, a Houston financial services company that said it is seeking to combine conventional banking with digital asset products, said the deal is expected to close later this year pending regulatory approval. Financial terms were not disclosed. The announcement was made by Burling Bank, an FDIC-insured, Illinois state-chartered bank founded in 1989.
If approved, LevelField said it plans to fold Burling’s operations into its broader strategy while maintaining the high regulatory standards required of a federally insured institution, the companies said.
Senior Management to Remain
Burling’s senior management team intends to remain and join LevelField’s leadership, focusing on serving existing customers and expanding the bank’s national footprint.
“We conducted a broad review of banks in the U.S. to find the ideal institution with both an existing business and a management team who are aligned with our vision; we exceeded our expectations with Burling Bank,” Gene A. Grant II, LevelField’s CEO, said in a statement. “With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class.”
LevelField said it plans to offer standard banking services alongside products geared toward customers who want access to digital assets, all under U.S. banking regulations. The company said its platform will emphasize customer experience in payments and financing.
A ‘Growing Role’
Burling Bank President and CEO Michael J. Busch said the merger gives the Chicago institution “a tremendous opportunity” to extend its reach beyond its local markets.
The companies said they believe digital asset technology will play a growing role in banking, influencing how financial institutions handle governance, real-time payments and 24/7 fund movement.
