Houston-based LevelField Financial will acquire Illinois-based Burling Bank later this year.
According to a press release, LevelField plans to expand its traditional banking and digital asset services nationwide while incorporating Chicago-based Burling Bank’s core business activities.
“The long-term potential strategic value of digital asset technology to the banking industry far exceeds the provision of products and services to meet customer needs,” the release states. ”It will be these initial products that, over time, drive the development of technology, policies and procedures and governance for safely and carefully managing the real-time/24-7 movement of funds through the banking system.”
Financial terms of the deal were not released.
LevelField CEO Gene Grant II said the acquisition came after his firm searched for a bank that was aligned with his organization’s mission. Burling Bank executives are expected to join LevelField’s leadership team.
“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,” said Burling President and CEO Michael Busch.
The $191 million Burling Bank has one office.