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#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.