Last week on August 17th the Federal Reserve pulled the plug on Farmington Bank, becoming the seventh bank to crash this year. Farmington is a small bank which had ties to the failed crypto platform and Ponzi scheme FTX, and its owner Sam Bankman-Fried and Almeda.
According to a press release on the Fed’s website:
The Federal Reserve Board on Thursday announced an enforcement action against Farmington State Bank, of Farmington, Washington, and its holding company, FBH Corporation. In 2022, Farmington improperly changed its business plan without notifying the bank’s supervisors and obtaining prior approval for those changes. Farmington has previously announced that it will voluntarily sell its loans and deposits to the Bank of Eastern Oregon.
Read Full Article Here…(winepressnews.com)
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