LevelField Financial Acquires FDIC-Insured Burling Bank in Aim to Offer Digital Asset Services
LevelField Financial, a Houston-based financial startup that offers digital asset services, has announced the acquisition of Burling Bank, an FDIC-insured Chicago-based chartered bank. Financial terms of the transaction were not disclosed, but the deal is expected to close later this year.
The acquisition will enable LevelField to be the first full-service, FDIC-insured bank to offer both traditional banking and digital asset services.
“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 Burling Bank President and CEO Michael Busch.
Burling Bank currently provides traditional financial services to customers along with professional trading services. The acquisition is part of LevelField’s bid to expand nationwide, with the senior management team of Burling joining the LevelField leadership team led by CEO Gene Grant II.
Many traditional finance companies have begun to embrace crypto and related services to various degrees in recent years, including Bank of America, Goldman Sachs and USAA.