LevelField Financial Secures Regulatory Approval to Acquire Burling Bank, Paving Way for Crypto-Integrated Banking
LevelField Financial, a digital-asset fintech firm, has received conditional approval from the Illinois Department of Financial and Professional Regulation to acquire Chicago-based Burling Bank. The deal would rebrand the institution as LevelField Bank, offering FDIC-insured traditional and crypto banking services nationwide.
Gene A. Grant II, CEO of LevelField, called the regulatory nod a watershed moment for bridging digital assets with mainstream finance. The acquisition awaits final approval from the Federal Reserve to operate as a bank holding company. Burling Bank currently holds $196 million in net assets and $158 million in deposits.
This strategic move signals growing institutional acceptance of cryptocurrency services within regulated banking frameworks. LevelField's approach combines rigorous compliance standards with expanded access to digital asset products for both retail and corporate clients.
