Moonstone Bank Returns to its Mission, Rebrands as Farmington State Bank
• Moonstone Bank has announced that it will leave the cryptocurrency sector and focus on being a community bank.
• The bank has rebranded and will be dropping the name Moonstone Bank and will return to using its former name, Farmington State Bank.
• Moonstone Bank has not mentioned FTX’s bankruptcy as the main reason behind its decision, but it likely triggered the decision.
Moonstone Bank, a bank in Washington that obtained an investment of around $11.5 million from Alameda Research, the sister company of FTX, recently announced that it would be leaving the cryptocurrency sector and refocusing on being a community bank. The bank issued a statement on January 18, citing the changing regulatory environment surrounding crypto assets as a factor in the decision. They further noted that the bank wishes to return to its original mission.
In order to return to its original mission, Moonstone Bank has taken the steps of rebranding. The bank will be dropping the name Moonstone Bank and will return to using its former name, Farmington State Bank. This name has been popular with the local community for 135 years. The bank has ensured that the local banking clients will not face any disruption in their services during the time it takes to shift from the crypto space.
The FTX situation likely triggered the decision for Moonstone Bank to move away from the cryptocurrency sector. In 2020, Moonstone Bank was acquired by Jean Chalopin, the chair of Deltec, a banking partner of FTX. In January 2022, Chalopin sought investment of $11.5 million from Alameda Research, the sister company of FTX. Following FTX’s bankruptcy, Moonstone Bank has decided to move away from the cryptocurrency sector.
The transition back to being a community bank will take place in the coming weeks, and Moonstone Bank has stated that it is eager to get back to its original mission. With its original name, Farmington State Bank, the bank is looking to become a community bank that offers services to the local community and serves their needs.