Farmington State Bank, affiliated with Alameda Research, announced that it will return to its original mission as a community bank and stop pursuing an innovation-driven business model to develop banking services for industries such as crypto assets or marijuana/marijuana . This strategic shift reflects the impact of recent events in the crypto asset industry and the resulting changes in the regulatory environment related to crypto asset businesses. As previously reported by Foresight News, on November 24, 2022, the New York Times reported that FTX’s relationship with Farmington State Bank was under investigation. In March 2022, Alameda Research invested US$11.5 million in its parent company FBH and acquired shares in the bank.