Farmington State Bank, also known as Moonstone Bank, has announced that it will be returning to its original mission as a community bank and will no longer be pursuing a business model that focuses on developing banking services for industries such as crypto and hemp/cannabis.
The change in strategy is a result of recent events in the cryptocurrency industry and the changing regulatory environment that surrounds it.
Despite this change, the bank assures that for its local customers in the Farmington community, the transition will be seamless and there will be no disruption of services.
The bank has always remained committed to safe and sound banking practices and has kept its balance sheet liquid. Customer deposits have also remained secure and fully accessible.
In line with this return to its roots, Farmington State Bank will discontinue the use of the Moonstone Bank name.
The Farmington State Bank brand, which has been well-known in the local community for 135 years, will now be prominently featured throughout the bank’s branding. Customers will notice the changeover in the coming weeks.