Fed Reserve Takes Enforcement Action Against Farmington Bank, FBH Corp
The Federal Reserve Board on Thursday announced an enforcement action against Farmington State Bank, of Farmington, Washington, and its holding com...
The Federal Reserve Board on Thursday announced an enforcement action against Farmington State Bank, of Farmington, Washington, and its holding company, FBH Corporation. In 2022, Farmington improperly changed its business plan without notifying the bank's supervisors and obtaining prior approval for those changes. Farmington has previously announced that it will voluntarily sell its loans and deposits to the Bank of Eastern Oregon. The Board's action ensures the bank's operations will wind down in a manner that protects the bank's depositors and the Deposit Insurance Fund.