LevelField plans to refile withdrawn bank deal application

Fintech LevelField Financial Inc. withdrew its application seeking Federal Reserve approval to acquire Burling Bank on Feb. 12, according to the central bank's most recent H.2 release, but it plans to refile.

The company withdrew because it "did not yet have sufficient funds to close the transaction," CEO Gene Grant II told S&P Global Market Intelligence via email. But LevelField plans to refile the application in the near future after the completion of an acceptable funding round, he added.

"LevelField continues to believe in the strength of the proposed LevelField Bank business model and remains optimistic about the future working together with the strong team at Burling Bank," Grant said.

The transaction was announced in February 2023. With the bank acquisition, LevelField aims to provide depository and lending services directly to cryptocurrency-savvy consumers, Grant previously said.