LevelField to Acquire Burling Bank, an FDIC-insured Illinois State Chartered Bank, Fulfilling Core Strategic Goal of Offering Customers a Full Suite of Safe, Simple, Secure and Fully Regulated Banking and Financial Services Products
LevelField Financial, a U.S. financial services firm seeking to unite traditional banking and digital asset products and services in one trusted platform, announced that it is acquiring Burling Bank, an FDIC-insured, Illinois state-chartered bank providing business and personal banking services. Pending regulatory approval, LevelField will be the first full-service bank to offer fully compliant traditional banking and digital asset services, and LevelField will seek to expand these offerings nationwide. The transaction is expected to close later this year. Financial terms of the deal were not disclosed.
The bank acquisition completes the foundation for the LevelField Financial core business strategy, and subject to the necessary approvals of the relevant regulatory authorities, LevelField plans to incorporate Burling Bank’s existing business activities, which will continue to be conducted to the very high standards required of a highly regulated financial institution.
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The senior management team of Burling Bank intends to remain with the bank and join LevelField’s leadership. They will focus on serving the bank’s existing clients and growing the banking business nationwide.
“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,” said Gene A. Grant II, CEO of LevelField Financial. “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.”
LevelField will focus on serving customers by offering traditional banking products and services, along with products and services tailored for customers interested in the digital asset class — all within the safety, security, and regulatory supervision of the U.S. banking industry. The core of the LevelField offering will revolve around best-in-class customer experience for payments and financing.
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“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 Mr. Michael J. Busch, Burling Bank President & CEO. “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.”
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. It will be these initial products that, 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 LevelField vision includes participating in the evolution of banking while adhering to the principles and practices that have made the U.S. banking system a global leader.
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