Farmington Bank funds safe despite bankruptcy
December 1, 2022
FARMINGTON – Cryptocurrency exchange company FTX has filed for bankruptcy, and its stake in Farmington Bank may be redistributed.
In March of 2022, an FTX entity, Alameda Research, made an $11.5 million equity investment in Farmington Bank, 103 N. First St. FTX has since declared bankruptcy.
But that filing may not have a local impact, Farmington Bank Director of Business Operations Josey Booth said.
“The challenging thing is that FTX is actually about 140 separate entities, one of which made an equity investment in our holding company, FBH Corp,” he said.
When asked about the potenti...