Farmington State Bank, also known as Moonstone Bank, has announced that it will no longer pursue a business model focused on developing banking services for industries such as cryptocurrency and hemp/cannabis, and will instead return to its original mission as a community bank.

The change in strategy is due to recent events in the crypto industry and the changing regulatory environment.

Furthermore, the bank assures that for its local customers, the transition will be seamless with no disruption of services.

The bank has always remained committed to safe and sound banking practices and customer deposits have remained secure.

The bank will also discontinue the use of the Moonstone Bank name and will feature the Farmington State Bank brand prominently throughout its branding. Customers will notice the changeover in the coming weeks.