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FTX owned an $11.5 million stake in this rural bank with just a few employees.

Anonymous 11/25/22 (Fri) 16:23:11 19a06f (6) No.17816530


 

Anonymous 11/25/22 (Fri) 18:43:25 1c2c2e (4) No.17816704



12/22/2010

Farmington State Bank is strictly no-frills.


The bank does not offer a credit card. Customers cannot access their accounts over the Internet.



A few years ago it stopped making mortgage loans because the paperwork became too onerous, President John Widman said.


The bank has remained in the same building on the southwest corner of Main and First streets since 1911, when the then-14-year-old institution moved out of offices over a saloon.


Copper safe deposit boxes honeycomb a section of the concrete vault. In the middle squats the “widow-maker,” a circular safe so heavy it might as well have been drop-forged in place.


There are photos of the original bank building on the lobby wall, along with a photocopy of an $800 check written in 1889.


“That was a lot of money in those days,” Widman said.


Also on the wall is a statement of the bank’s condition, a document few financial institutions put anywhere customers can readily see.


But Farmington State Bank has nothing to hide. As of Sept. 30, the bank was unique among Washington’s 82 FDIC-insured banks: There were no bad loans on the books.



and this

Farmington State Bank is strictly no-frills.


The bank does not offer a credit card. Customers cannot access their accounts over the Internet.


A few years ago it stopped making mortgage loans because the paperwork became too onerous, President John Widman said.


The bank has remained in the same building on the southwest corner of Main and First streets since 1911, when the then-14-year-old institution moved out of offices over a saloon.


Copper safe deposit boxes honeycomb a section of the concrete vault. In the middle squats the “widow-maker,” a circular safe so heavy it might as well have been drop-forged in place.


There are photos of the original bank building on the lobby wall, along with a photocopy of an $800 check written in 1889.


“That was a lot of money in those days,” Widman said.



Also on the wall is a statement of the bank’s condition, a document few financial institutions put anywhere customers can readily see.


But Farmington State Bank has nothing to hide. As of Sept. 30, the bank was unique among Washington’s 82 FDIC-insured banks: There were no bad loans on the books.


so did someone finally make an offer that couldn't be refused?


 

Anonymous 11/25/22 (Fri) 18:53:23 1c2c2e (4) No.17816705

FTX Acquired a US Licensed Bank with Just 3 Employees in a Questionable Deal: Report



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