On November 17, according to Bloomberg, LevelField Financial Inc. said it has received approval from the Illinois Department of Financial and Occupational Regulation to acquire Chicago-based Burling Bank and transform it into a full-featured bank providing cryptocurrency services. The deal still needs to be approved by the Federal Reserve Board of Governors. According to CEO Gene Grant II, LevelField aims to close the transaction by the end of the year after receiving regulatory approval and meeting other closing conditions.
According to filings with the Federal Reserve, LevelField agreed to buy the bank for up to $70 million. This is the second time the two sides have tried to merge. LevelField tried to buy Burling Bank in early 2023, just before Silvergate and Signature collapsed. They withdrew their offer a year later, but tried again in December 2024 after Trump was elected US president. The combined entity would retain Burling Bank's main community banking operations, with a new focus on providing deposit accounts, loans and custody services tailored to digital assets, such as term loans and credit cards backed by bitcoin or ethereum.
Crypto firm LevelField receives Illinois approval to acquire Burling Bank
2025-11-17 13:41:28
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