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Farmington, WA – December 24, 2022 – Farmington State Bank, d/b/a Moonstone Bank, has a legal duty to protect from public disclosure the privacy of account holders, regardless of who they are. However, in light of the Bahamian Joint Provisional Liquidator motion filed on December 23, 2022, with the Delaware Bankruptcy Court, which makes public the existence of a certain FTX account held by the Bank, we wish to re-assert that we have followed safe and sound banking practices and kept our balance sheet highly liquid.
The FTX deposit at issue is safe and it is clear from our last published Call Report that there is more than sufficient liquidity, in Fed Funds sold, to cover the deposit.
As soon as negative news surrounding FTX began to circulate in early November, the Bank took immediate action to place a hold on the account, in light of competing claims and an attempt by potentially unauthorized persons to withdraw the funds. We also have been in contact with both the FTX debtor-in-possession and the Bahamian Joint Provisional Liquidator.
We look forward to an order from the Delaware Bankruptcy Court, which should tell us exactly where to transfer the FTX deposit. Our sole concern has been to have a clear direction on who, the FTX debtor-in-possession or the Bahamian Joint Provisional Liquidator, is entitled to the deposit, because we cannot be put in a position to pay the deposit back twice. We intend to file a motion with the Delaware Bankruptcy Court asking for clear direction.
Moonstone Bank™ is a Washington State bank that specializes in catering to Small and Medium Enterprises (SMEs) and consumers with technology-driven solutions for consumer and commercial banking.
Moonstone was founded on the principle that existing banking services today do not meet the evolving needs of bank customers, nor do they anticipate the needs for where banking will be tomorrow.
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