It had “improperly shifted its business plan,” without seeking the nod from its supervisory figures or acquiring pre-approval for these drastic measures.
Consequently, Farmington has disentangled itself from all crypto dalliances and is gearing up to lock its doors once its assets transition to the Bank of Eastern Oregon.
Closure of Farmington State Bank :The Regulator’s Verdict
With an authoritative tone echoing across financial quarters, the Federal Reserve, alongside Washington’s Department of Financial Institutions, enforced stringent restrictions on both Farmington and its holding umbrella, FBH Corp.
Drawing a parallel to a tight ship amidst a storm, the consent order prevents Farmington and FBH from distributing dividends or any other financial distributions sans a nod from supervisory bodies.
They also have their hands tied from frittering away cash assets. The order emphasizes the preservation of all records and narrows down their business dealings strictly to the “vital and fitting” actions required for a swift self-liquidation.
