LevelField Financial, a Houston fintech that focuses on digital assets, has agreed to buy Burling Bank in Chicago.
LevelField did not disclose the price it agreed to pay for the $191 million-asset Burling. The deal is expected to close later this year.
LevelField said it plans to incorporate Burling’s existing business activities. The bank’s senior management team is expected to join LevelField’s leadership and focus on serving existing clients and nationwide expansion.
“With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class,” Gene Grant II, LevelField’s CEO, said in the release.
“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,” Michael Busch, Burling’s president and CEO, said in the release.
“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,” Busch added.