LevelField gets state approval to buy Chicago bank

Group 1 - LevelField has filed an application to acquire Burling Bank for approximately $70 million, with Burling having $209.5 million in assets and a single branch [3][4] - The new entity will be named LevelField Bank, maintaining Burling's community banking operations while expanding into digital asset services, including deposit accounts, loans, and custody services [4][5] - LevelField aims to become the first full-service chartered bank in the U.S. to offer both traditional banking and digital asset services on a single platform [5][6] Group 2 - LevelField plans to hire around 100 employees by 2026 to support the needs of its digital asset user base, primarily in customer service roles [6] - The company intends to raise $112.5 million post-acquisition to fund the purchase, growth capital, and retained earnings [6][7] - LevelField has received conditional approval from the Illinois Department of Financial and Professional Regulation for the acquisition, pending final approval from the Federal Reserve [7]