The purchase of Burling Bank, an FDIC-insured Illinois state chartered bank, has been announced by LevelField Financial, a U.S. financial firm that provides digital asset services.
According to the press release, LevelField will become the first finance entity that manages Bitcoin while being FDIC-insured and fully compliant. The bank intends to allow customers to purchase, borrow, store, and be paid in Bitcoin when the $50 million acquisition is finalized. The firm will also provide debit and credit cards with Bitcoin rewards.
Burling Bank currently offers customers standard financial services as well as professional trading services. With Burling’s senior management team joining LevelField’s leadership, the acquisition is one of many steps for LevelField Financial to expand across the nation.
CEO of LevelField Financial Gene A. Grant II states:
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.
Along with traditional services and retail banking, the firm will continue to provide customers with digital asset products and services.
The acquisition is planned to be finalized later this year but is still pending. The necessary regulatory authorities still need to provide approval.