Fed issues enforcement action with Farmington State Bank

postedΒ  18 Aug 2023
Photo - Fed issues enforcement action with Farmington State Bank
The Federal Reserve enforced the closure of Farmington State Bank, a lender that has ties with both FTX and Alameda Research.

But what led to this? The bank's silent move towards a digital-centric strategy without keeping the Federal Reserve in the loop.

To thicken the plot, Farmington had previously, in March 2022, secured a substantial $11.5 million funding from Alameda Research.