LevelField’s Burling Bank Bid Ready for Illinois Ruling (1)

LevelField Financial Inc.’s application to buy Chicago-based Burling Bank was accepted by the Illinois Department of Financial and Professional Regulation, the latest step in its push to become a full-service bank providing cryptocurrency services.

While IDFPR’s Division of Banking has accepted LevelField’s application to process the acquisition of Burling, a spokesperson for the regulator said the company is still awaiting a certificate authorizing the change in control.

The deal is also still pending approval from the Federal Reserve Board. LevelField aims to close the transaction by year-end after receiving regulatory approvals and meeting other closing conditions, according to ...