Core Insights - LevelField Financial has received conditional approval from the Illinois Department of Financial and Professional Regulation (IDFPR) for its acquisition of Burling Bank, although final approval is still pending [1][2][3] Company Overview - LevelField Financial aims to merge traditional banking with digital asset products, planning to rename Burling Bank to LevelField Bank upon successful acquisition [5] - The company intends to provide a range of banking services, including loans and credit cards collateralized by Bitcoin, digital asset trading, and custody services [6] Regulatory Context - The acquisition is subject to customary closing conditions, including approval from the Federal Reserve to operate as a bank holding company [2] - IDFPR clarified that while LevelField's application has been accepted, no formal approval has been granted yet [3][4] Historical Context - LevelField previously attempted to acquire Burling Bank in February 2023 but withdrew the application in February 2024, following the collapse of crypto-friendly banks [7][9] - The renewed filing for acquisition occurred in December 2024, after a change in the political landscape with the election of President Donald Trump [8][9]