LevelField Financial was approved by the Illinois Department of Financial and Professional Regulation to Acquire Burling Bank and the to-be-renamed LevelField Bank is expected to be the First Full-Service FDIC-Insured Bank to Provide Certain Banking and Digital Asset Services for Businesses and Consumers in all U.S. States and Territories

Post-closing Bank Products and Services to Include Loans and Credit Cards Collateralized by Bitcoin, Bitcoin Rewards Credit and Debit Cards, Digital Asset Trading and Custody, and Bank Account Programs to Serve a Variety of Underrepresented Industries

HOUSTON, Nov. 17, 2025 /PRNewswire/ -- LevelField Financial, Inc. ("LevelField"), a U.S. financial services firm seeking to unite traditional banking and digital asset products and services in one trusted platform, announced today that it has received conditional approval from the Illinois Department of Financial and Professional Regulation (IDFPR) to complete its acquisition of Burling Bank, based in Chicago, Illinois. The bank, to be renamed LevelField Bank after the close of the acquisition, is expected to be the first full-service FDIC-insured chartered bank to provide certain business and personal banking and digital asset services to customers in all U.S. states and territories.

The approvals and the consummation of the acquisition remain subject to the satisfaction or waiver of customary closing conditions including the approval by the Board of Governors of the Federal Reserve System to become a Bank Holding Company with respect to the Bank.

LevelField is represented in the acquisition by Hunton Andrews Kurth LLP, as its legal advisor, and 3V Capital Partners, a division of CAVU Securities, LLC, as its financial advisor.

LevelField's regulatory approval represents a significant step forward for the U.S. banking industry. Following the acquisition, LevelField Bank will seek to offer best in class true 24x7 banking with a wide range of products and services for customers interested in cryptocurrency and for businesses in underbanked sectors, including the digital asset industry, all within the safety, security, and regulatory supervision of the U.S. banking system.

As LevelField Bank introduces products, customers will be able to access loans and credit cards collateralized by Bitcoin, Bitcoin rewards credit and debit cards, digital asset custody and trading of cryptocurrency, all in addition to traditional banking products and services. Businesses that previously experienced difficulty accessing banking services will be able to use real-time payment and cash management services including seamless migration between dollars and cryptocurrencies.

LevelField Bank will also build upon the strong community banking foundation established by Burling Bank and continue to engage and grow alongside the community.

"LevelField Bank was designed to meet the needs of the Bitcoin and digital asset community. We're among the first full-service FDIC-insured banks to receive approval to offer digital asset banking services, and we will seek to offer a best‑in‑class, true 24x7 bank delivering real‑time payment and banking functionality for customers, including historically underbanked businesses," said Gene A. Grant II, CEO of LevelField Financial. "Today's approval is an important milestone for LevelField. I am grateful to our investors and partners for backing the patient, disciplined work it took to meet the necessary supervisory standards that protect consumers and businesses and make the U.S. the home of the world leading banking system."

"We believe LevelField is uniquely positioned to lead the next chapter in banking as digital asset adoption reshapes financial services," said Connor Dougherty, Co-Founder & Investor at Valinor Group, one of LevelField's investors. "Gene and his team have developed innovative products within a regulated banking framework. We are excited to support them in bringing a differentiated and comprehensive product offering to an underserved market."

With a leadership team composed of traditional financial industry veterans, community bankers, and digital asset innovators who have been active in the space since its early days, LevelField Bank executives have a unique blend of skills and experience. LevelField Bank is expected to set the standard for a well-managed, well-regulated financial services firm supporting customers who wish to participate in the digital asset class within the safety and security that comes with a full-service, FDIC-insured bank.

"Castle Creek is thrilled to partner with LevelField in its mission to bring commercial banking services and products into the digital asset space" said David Volk, Managing Principal at Castle Creek Capital, another of LevelField's investors. "Gene and his team have struck an excellent balance between innovative banking solutions, disciplined risk management and a culture of compliance, and we believe LevelField will set the standard for regulated depositories in this space for years to come."

Tim Enneking, Managing Partner of Psalion VC said, "We were a very early investor in LevelField because we were confident Gene and team could push past the conventional wisdom of what was thought to be possible, and make things happen. We support their vision for integration of digital assets into the financial system."

"The long-term strategic value of digital asset technology to the banking industry far exceeds the provision of products and services to meet current customer needs," said Grant. "We believe these initial products and services will, over time, drive the development of technology, policies and procedures that manifest into the necessary governance for safely and carefully managing the real-time, 24x7 movement of funds through the banking system. The LevelField vision includes securing a leadership position in the evolution of both consumer and business banking."

To learn more about LevelField, please visit www.levelfield.us.

About LevelField Financial

LevelField is focused on uniting traditional banking and digital asset products and services in one trusted platform. Founded by banking and financial services veterans, LevelField aims to be a well-regulated – safe, simple, and secure – partner to trade, borrow and earn using both traditional and digital assets. LevelField's acquisition of Burling Bank supports this core business strategy. For more information visit www.levelfield.us

Forward-Looking Statements

This press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about the anticipated acquisition of Burling Bank, the proposed business plan of LevelField Bank and other matters. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond LevelField's control. LevelField cautions you that the forward-looking statements presented in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "should", "could", "predict", "potential", "believe", "expect", "continue", "will", "anticipate", "seek", "estimate", "intend", "plan", "projection", "would", "annualized", "target" and "outlook", or the negative version of those words or other comparable words of a future or forward-looking nature. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this press release include among others, economic conditions, uncertainty in the banking industry, changes in the regulatory environment, geopolitical instability, and technology risks.. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. LevelField undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

View original content to download multimedia:https://www.prnewswire.com/news-releases/levelfield-bank-approved-to-offer-business-and-consumer-banking-and-digital-asset-services-in-all-us-states-and-territories-302617158.html

SOURCE LevelField Financial