Moonstone Bank refocuses on its role as a community bank and leaves Crypto Space

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FARMINGTON, Wash., Jan. 19, 2023–(BUSINESS WIRE)–Farmington State Bank, d/b/a Moonstone Bank, today announced that the bank is returning to its original mission as a community bank and ending 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 on the crypto asset industry and the resulting changing regulatory environment regarding crypto asset businesses.

The return to its role as a community bank will be seamless for local bank customers in the Farmington community, with no change or disruption to services. The bank has always remained committed to safe and sound practices, maintained liquidity on its balance sheet, and customer deposits remained secure and fully accessible.

Reflecting this homecoming, Farmington State Bank will cease using the Moonstone Bank name. The Farmington State Bank brand, well known to the local community for 135 years, will feature prominently in the bank’s brand image, and customers will be watching the change in the weeks to come.

About the State Bank of Farmington

Farmington State Bank is a Washington State bank specializing in serving the needs of the local community in Farmington and surrounding areas. Rooted in the community since 1887, the bank has operated since 1911 in the same building where it operates its only branch.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20230119005836/en/

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