LevelField to Become an FDIC-Insured Bank to Offer Bitcoin Services
LevelField Financial, a U.S. financial services firm is to acquire Burling Bank, an FDIC-insured Illinois State Chartered Bank. LevelField’s goal is to offer customers a full-suite of safe, simple, secure and fully regulated banking and financial services products.
The deal, valued at around $50 million is pending regulatory approval, but if approved, LevelField will become the first service bank to offer fully compliant traditional and digital asset services.
Whilst this sounds promising, the deal won’t close until late 2023.
LevelField plans to incorporate Burling Bank’s existing business activities, continuing to operate to very high standards that are required for a highly regulated financial institution.
Furthermore, the senior management team of Burling Bank, also intends to remain with the bank and join LevelField’s leadership team.
About LevelField Financial
LevelField are focused on uniting traditional banking and digital asset products and services, delivered via one platform. Founded by banking and financial services professionals, LevelField’s founders have on average over 30 years experience within the highly regulated financial services industry.
On 31/08/2022, LevelField announced that it had acquired Netshares Financial Services LLC, a SEC registered broker-dealer.
About Burling Bank
Burling Bank was founded in 1989 and is an FDIC-insured, independent community bank headquartered in Chicago’s Financial District.