LevelField Financial plans to announce an acquisition of Burling Bank, an FDIC-insured chartered retail bank housed in the Chicago Board of Trade building with a specialty in services for professional traders.
The deal, valued at about $50 million, will help startup LevelField build itself up as a traditional bank that handles digital currencies, MarketWatch has learned.
Burling Bank traces its roots to 1989, and was named after prominent Chicago architect Edward J. Burling. It offers typical retail banking services along with professional trader services such as lines of credit for working capital and membership/trading right financing.
Burling Bank’s long-time presence in the financial exchange industry has attracted clients from emerging markets, including those with expertise in digital assets, the source said.
The deal will allow LevelField, a company that has been around for five years, to become the first full-service bank to offer fully compliant traditional banking and digital asset services, the source said.
LevelField plans to build up a national presence with these offerings.
The deal to buy Burling Bank comes about six months after LevelField Financial acquired registered broker-dealer Netshares Financial Services LLC for an undisclosed sum.
Read More:Startup LevelField buying Burling Bank in $50 mln deal: Exclusive
2023-02-01 13:35:00
