Discover and read the best of Twitter Threads about #moonstone
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So today was the first day I started to delve into @summitnational the bank that #nexo announced end of Sep 2022 that it had taken an undisclosed stake in and a 'game changer for the industry'. 
Does anyone remember that song "pretty fly for a white guy"
well of summit's directors is way more fly than that guy. back in 2011 said director managed to launch his #Porshe 35 feet in the air into the second story of a house.
1/
#FTX owned an $11.5M stake in a tiny rural bank in Washington state with just 3 employees
Farmington State Bank in the state of Washington (Farmington town has 146 people), now renamed Moonstone, is the 26th smallest bank in the US.
It has a single branch and 3 employees.
#FTX owned an $11.5M stake in a tiny rural bank in Washington state with just 3 employees
Farmington State Bank in the state of Washington (Farmington town has 146 people), now renamed Moonstone, is the 26th smallest bank in the US.
It has a single branch and 3 employees.
2/
#FTX invested in the rural bank through Alameda, with an investment of $11.5M for 10% of the bank in its parent company FBH in March 2022.
The #AlamedaResearch investment was more than double the bank’s value of $5.7M.
#FTX invested in the rural bank through Alameda, with an investment of $11.5M for 10% of the bank in its parent company FBH in March 2022.
The #AlamedaResearch investment was more than double the bank’s value of $5.7M.
3/
To put this into perspective #FTX’s investment valued the bank at $115M. Yet, it only had $10M in customer deposits
Why did they do that?
To put this into perspective #FTX’s investment valued the bank at $115M. Yet, it only had $10M in customer deposits
Why did they do that?
So there's quite a bit of speculation around how #Chalopin of #deltec was able to acquire a tiny rural bank. Chalopin jnr interview by @protos described it as an "extremely lucky find" but they didn't find it by driving through the backroads of the rural America
there was no need to wrestle control from local shareholders....or negotiating price over a couple Maryland rum's in jam jars. The bank had long gone offshore
Back in 1994, Farmingtngton Bancorp was acquired by Farmington Finance Corp Tortola, British Virgin Islands. At that time it had a whopping $1.8m in deposits
My filing system is shite....and I can find stuff all when I search on twitter but I knew somewhere I had covered #deltec and dodgy money flowing into tiny #communitybanks
got literally 2 retweet and 1 like at the time.....it didn't even get called #FUD
maybe now it will get a little more interest.
maybe now it will get a little more interest.
oh helps if i attach something. #deltec facilitates $5m transfer into tiny community bank in 2017
