LevelField Financial has received conditional approval from Illinois regulators to advance with its plan to buy Chicago’s Burling Bank.
The company, which develops financial services connected to digital assets, said the decision is a step toward expanding its banking operations in the United States.
If the process is completed, the newly named LevelField Bank could become the first FDIC-insured, federally chartered institution to provide crypto-related banking services nationwide.
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The firm said it plans to offer these services across all US states and territories, though financial details of the transaction have not been shared.
Approval came from the Illinois Department of Financial and Professional Regulation, but the deal still needs the Federal Reserve Board’s consent before LevelField can become a bank holding company. Only after that step will the acquisition and rebranding be finalized.
LevelField intends to provide continuous digital asset services, including Bitcoin
Burling Bank is a small commercial lender that holds about $196 million in assets and $158 million in customer deposits, according to Visbanking data. Despite its size, the acquisition gives LevelField a functioning banking structure that meets federal requirements.
Chief Executive Gene A. Grant II said the company plans to serve businesses with limited access to traditional banking while remaining fully compliant with US banking standards.
Recently, Ripple, the company behind XRP, acquired Palisade, a company that develops digital asset wallets and custody tools. What did Ripple’s president, Monica Long, say? Read the full story.
