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    <p>While Farmington State Bank — which was doing business as Moonstone — sold off its assets to the Bank of Eastern Oregon and wound down in August of this year, the company that had a controlling interest in the small Washington state-based bank, FBH, also seems to be calling it quits.</p>
    <p>FBH was founded in 2020 by Jean Chalopin — the creator of Inspector Gadget and CEO and chairman of Deltec Bank and Tr<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a>t in The Bahamas — seemingly for the sole purpose of purchasing Farmington State Bank.</p>
    <p>The mission statement and name of the bank were changed shortly after purchase to ‘Moonstone’ in order to represent its customer demographic shift: cryptocurrency companies (to the moon) and marijuana companies (stoned).</p>
    <h2 class="wp-block-heading" id="h-end-of-moonstone-end-of-fbh">End of Moonstone, end of FBH</h2>
    <p>Unfortunately for Chalopin, one of the investors he sought out to buy equity in <a rel="noopener noreferrer nofollow" title="Moonstone" href="https://thebittimes.com/tag/moonstone.html">Moonstone</a> was Sam Bankman-Fried, who <strong>poured $11.5 million into the bank for 9.9% ownership</strong>. The investment valued the third-smallest bank in America at $115 million and opened it up to increased scrutiny from the public, the media, and regulators when FTX and Alameda Research collapsed.</p>
    <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/iJZGxE-t3rKIwJlplF6nbYbJ70fMUcIhWgE6BUXNQ7Ual_d1I4b31zS1HrMxOkQdEp_xTFyqphKbashoT1dKALC0StZbZj1fDRXkOLFr9JD8DCR19U8cqADQfNIGGLKRqmoDOqKnb04S6Qwz3x8EtfqZQ7lrytUfO32-arZLJxOTH1jlxVG5OU36GJOjhg" alt>
     <figcaption class="wp-element-caption">
      FBH’s failure to file an annual report means it could only have weeks to live.
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    </figure>
    <p><em>Read more: Exclusive: The Fed responds to the Moonstone Bank mystery</em></p>
    <p>FBH failed to file an annual report in the state of Washington, meaning that <strong>the b<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a>iness will be struck off in December of this year</strong>, but with the end of <a rel="noopener noreferrer nofollow" title="Moonstone" href="https://thebittimes.com/tag/moonstone.html">Moonstone</a> and a close eye being kept on Chalopin and <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> companies in general by <a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a> bank regulators, there appears to be little reason for FBH to submit data and retain its existence in Washington.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/the-company-that-created-moonstone-bank-is-no-more-protos-tbt69410.html">https://thebittimes.com/the-company-that-created-moonstone-bank-is-no-more-protos-tbt69410.html</a></p>

The company that created Moonstone Bank is no more | Protos

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