LevelField Financial is set to acquire Burling Bank in a move that would allow access to bitcoin for traditional banking customers.
- Once regulatory authorities approve the acquisition, LevelField Financial will be able to expand its services and products nationwide.
- The firm would offer clients a full suite of products and services, from traditional banking services to digital asset services, all within an FDIC-insured institution.
- LevelField Financial will also benefit from the experience of Burling Bank’s senior management team, who will join LevelField Financial’s leadership team.
financial levelan American financial firm that offers digital asset services, has announced the acquisition of Burling Bank, an FDIC-insured state of Illinois chartered bank.
The $50 million deal will make LevelField the first fully-qualified FDIC-insured financial institution to handle bitcoin, according to the advertisement. Once the acquisition is complete, the bank plans to offer clients the purchase, safekeeping and lending of bitcoins, as well as allowing them to receive payments in BTC. The firm will also offer a bitcoin rewards credit and debit card.
Chicago-based Burling Bank currently provides traditional financial services to clients along with professional business services. Its acquisition is part of LevelField Financial’s bid to expand nationally, with Burling’s senior management team to join LevelField’s leadership.
“We conducted an extensive review of banks in the US to find the ideal institution with an existing business and a management team aligned with our vision, we exceeded our expectations with Burling Bank. With this acquisition, LevelField will become a traditional bank, although it does serve clients interested in the digital asset class,” said Gene A. Grant II, CEO of LevelField Financial.
The firm will continue to offer retail and traditional banking services alongside products that appeal to clients interested in digital assets.
The acquisition is still subject to approval from the relevant regulatory authorities and, if approved, is expected to close sometime later this year.
