Highlighting the gravity of the situation, the Federal Reserve proclaimed this enforcement action as a pivotal step to ensure the bank’s operations culminate in a way that shields both its depositors and the Deposit Insurance Fund.
Farmington’s Response: A Graceful Bow Out
Farmington, displaying the grace of a swan making its final ballet move, articulated its acceptance of the Fed’s directives.
All green lights have been received for the Bank of Eastern Oregon to inherit its deposits and buy out its loans.
As the curtains fall on this financial saga by August end, Farmington State Bank stated its commitment to a smooth and coordinated wind-down, in tandem with the Federal Reserve and the Washington DFI.
