Key Takeaways
- LevelField Financial to acquire Burling Bank to become the first full-service bank to offer fully compliant traditional banking and digital asset services.
- LevelField aims to provide its customers with a platform to trade, borrow, and earn using both traditional and digital assets. With this acquisition, the company will be able to offer traditional banking products and services, along with products and services tailored for customers interested in the digital asset class.
- Subject to regulatory approval, LevelField plans to expand its offerings nationwide. The senior management team of Burling Bank will remain with the bank and join LevelField’s leadership, focusing on serving existing clients and growing the banking business nationwide.
- This acquisition marks a major step forward for LevelField in bridging the gap between traditional banking and the digital asset world.
As the popularity of digital assets continues to surge, LevelField Financial is taking a major step forward in bridging the gap between traditional banking and the digital asset world. The financial services firm has announced the acquisition of Burling Bank, an FDIC-insured, Illinois state-chartered bank, marking the first full-service bank to offer fully compliant traditional banking and digital asset services.
LevelField aims to be a well-regulated partner that offers both traditional and digital asset products and services in one platform. Upon completion of the acquisition and pending regulatory approval, LevelField will become the first full-service bank to offer fully compliant traditional banking and digital asset services.
The senior management team of Burling Bank will join LevelField’s leadership and focus on serving the bank’s existing clients and growing the banking business nationwide. Financial terms of the deal were not disclosed.
LevelField will offer traditional banking products and services, as well as products and services tailored for customers interested in digital assets, all within the regulatory supervision of the US banking industry.
The core of LevelField’s offering will revolve around a best-in-class customer experience for payments and financing. The acquisition will complete LevelField’s core business strategy and, subject to regulatory approval, the company will incorporate Burling Bank’s existing business activities.
“We conducted a broad review of banks in the US 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,” said Gene A. Grant II, CEO of LevelField Financial. “With this acquisition, LevelField will become a traditional bank, serving customers interested in the digital asset class.”
The potential strategic value of digital asset technology to the banking industry far exceeds the provision of products and services to meet current customer needs. LevelField intends to participate in the evolution of banking while adhering to the principles and practices that have made the US banking system a global leader. The company’s vision includes safely and carefully managing the real-time movement of funds through the banking system.
“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,” said Michael J. Busch, Burling Bank President and CEO. “Together, we will continue to provide superior service and demonstrate that we truly understand the expanding and unique needs of our customers.”
With this acquisition, LevelField Financial solidifies its position as a leader in the growing world of digital assets and crypto banking. By combining the stability of traditional banking with the innovation of digital assets, LevelField is poised to offer its customers the best of both worlds, delivering safe, simple and secure financial services for the future. This is just the beginning of a bright future for crypto banking and LevelField is at the forefront of it all.