LevelField Financial Granted Conditional Approval to Acquire Burling Bank
LevelField Financial, a Houston-based company, has recently received conditional approval from the Illinois Department of Financial and Professional Regulation to acquire Burling Bank, a Chicago-based financial institution. This acquisition marks a significant step for LevelField as it expands its presence in the banking industry.
Key Details of the Acquisition
The approval from the Illinois Department of Financial and Professional Regulation is conditional, pending final sign-off from the Federal Reserve. LevelField first proposed acquiring Burling in February 2023 but faced unexpected challenges related to regulatory capital requirements, leading to the withdrawal of the initial application.
However, in December 2024, LevelField filed a fresh application to acquire Burling Bank for approximately $70 million. The combined entity will be renamed LevelField Bank and will focus on providing traditional banking services along with tailored services for digital assets such as deposit accounts, loans, and custody services.
Michael Busch, the CEO of Burling Bank, is set to become the president of LevelField Bank, ensuring a smooth transition and continuity for Burling’s community banking business. The goal of LevelField is to become the first full-service chartered bank offering both traditional banking and digital asset services on a single platform across the United States.
Future Plans and Expansion
LevelField aims to finalize the acquisition by the end of the year, with plans to hire approximately 100 employees in 2026 to support the anticipated needs of its digital-asset user base. The company also intends to raise $112.5 million to cover the acquisition costs and facilitate growth capital.
CEO Gene Grant expressed gratitude towards investors for supporting the company’s efforts to meet supervisory standards and enhance consumer protection. Grant emphasized the importance of integrating digital assets into the banking system safely and collaboratively, highlighting the need for industry-wide transformation.
As LevelField moves forward with its acquisition of Burling Bank, the company remains committed to driving innovation in the financial services sector and embracing the potential of digital assets within a regulated framework.
Sources: Here
