FARMINGTON, Wash.--(BUSINESS WIRE)--Farmington State Bank, d/b/a Moonstone Bank, announced today that the bank is returning to its original mission as a community bank and is discontinuing its pursuit of an innovation-driven business model to develop banking services for industries such as crypto assets or hemp/cannabis. The change in strategy reflects the impact of recent events in the crypto assets industry and the resultant changing regulatory environment relating to crypto asset businesses.
The return to its role as community bank will be seamless for the bank’s local customers in the Farmington community with no change or disruption of services. The bank has consistently remained committed to safe and sound practices, has kept its balance sheet liquid and customer deposits have remained secure and fully accessible.
Reflecting this return to its roots, Farmington State Bank will cease using the Moonstone Bank name. The Farmington State Bank brand, well-known for 135 years in the local community, will feature prominently throughout the bank’s branding, and customers will observe the changeover in the coming weeks
About Farmington State Bank
Farmington State Bank is a Washington State bank that specializes in serving the needs of the local community in and around Farmington, WA. With roots in the community since 1887, the bank has operated out of the same building since 1911 where it operates its single branch.