1 year ago
78 LevelField Financial has announced the acquisition deal of Burling Bank, an FDIC-insured, Illinois state-chartered bank providing business and personal banking services, in order to unite traditional banking and digital asset products and services.
Pending regulatory approval, LevelField will be a full-service bank that offers fully compliant traditional banking and digital asset services. The transaction is expected to close later this year.
LevelField plans to incorporate Chicago-based Burling Bank’s existing business activities and senior management, who will focus on serving the bank’s existing clients and growing the banking business nationwide.
“A management team who are aligned with our vision”
Gene A. Grant II, CEO of LevelField Financial, commented: “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. With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class. We are thrilled to have the Burling executives join our leadership team, and together we intend to deliver fantastic customer service and well-designed products to customers who have an interest in accessing the digital asset class through a traditional bank.”
Michael J. Busch, President & CEO at Burling Bank, said: “LevelField’s strategic approach presented a tremendous opportunity for the bank to expand beyond our local footprint and serve customers with shared interests across the nation. Together, we will continue to provide superior service and demonstrate that we truly understand the expanding and unique needs of our customers. Additionally, through the carefully developed suite of products we can address our customers’ interests in digital assets and introduce them to LevelField’s safe, simple, and secure platform.”
LevelField believes that the long-term potential strategic value of digital asset technology to the banking industry far exceeds the provision of products and services to meet current customer needs. And these initial products will, over time, drive the development of technology, policies and procedures, and governance for safely and carefully managing the real-time / 24×7 movement of funds through the banking system, the firm stated.
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