LevelField Financial has received approval from the Illinois Department of Financial and Professional Regulation to acquire Chicago-based Burling Bank and add cryptocurrency services to a full-service banking model, according to Bloomberg.
The deal still requires Federal Reserve Board approval, with closing targeted by year’s end, subject to remaining conditions.
Regulatory Path and Deal Terms
LevelField’s plan follows an earlier attempt to combine in early 2023 that was withdrawn after the Silvergate and Signature failures. The firm refiled in December 2024. The report said that LevelField agreed to pay up to $70 million, citing the company’s application to the Federal Reserve.
Illinois has cleared the state-level hurdle. The proposed transaction now moves to the Federal Reserve for review. LevelField intends to maintain Burling’s community banking operations while adding digital asset capabilities within a state-regulated, full-service bank.
The parties expect to close after all necessary approvals and standard conditions have been satisfied. Both organizations currently employ about 20 people each. If the deal closes, LevelField plans to hire roughly 100 additional staff in the first year.
Chief Executive Officer Gene Grant II described the company’s approach to entering regulated banking through an acquisition rather than a narrow-purpose charter. “Financial services must be changed from the inside, and unlike other industries, outside disruptors barely move the needle,” said Grant.
Products, Custody, and Customer Access
The combined institution plans to offer deposit accounts and traditional loans alongside digital asset services. Fiat deposits would remain insured by the Federal Deposit Insurance Corporation under the state-regulated bank structure.
The firm’s filing outlines custody for digital assets and credit products secured by Bitcoin or Ethereum. The roadmap includes term loans and credit cards collateralized by crypto holdings. LevelField is also in talks with card networks to issue cards that provide rewards in Bitcoin or Ethereum.
Customers would also be able to trade and hold digital assets through the bank’s platform. The model seeks to pair community banking with digital asset rails under a single supervisory framework, pending Federal Reserve approval and completion of the transaction.
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