Encryption company LevelField has received approval from Illinois for the acquisition of Burling Bank.

PANews, November 17th news, reported by Bloomberg, LevelField Financial Inc. stated that it has obtained approval from the Illinois Department of Financial and Professional Regulation to acquire Burling Bank, headquartered in Chicago, and will transform it into a full-service bank offering Crypto Assets services. This transaction still requires approval from the Federal Reserve Board of Governors. According to CEO Gene Grant II, LevelField aims to complete the deal by the end of the year after obtaining regulatory approval and meeting other closing conditions. According to the application documents submitted to the Fed, LevelField agreed to spend up to $70 million to acquire the bank. This is the second attempt at a merger between the two parties. Earlier in 2023, just before the collapse of SilverGate and Signature Bank, LevelField had attempted to acquire Burling Bank. A year later, they withdrew their acquisition proposal, but after Trump was elected President of the United States in December 2024, they attempted the acquisition again. The merged entity will retain Burling Bank's primary community banking business, with a new focus on providing deposit accounts, loans, and custody services tailored for digital assets, such as term loans and credit cards secured by Bitcoin or Ethereum.