Federal Reserve Board Takes Action Against Farmington State Bank and FBH Corporation
The Federal Reserve Board has issued an enforcement action against Farmington State Bank and its holding company, FBH Corporation, for improperly changing its business plan without notifying supervisors and obtaining prior approval. Farmington will sell its loans and deposits to the Bank of Eastern Oregon, and the action ensures a controlled wind-down of the bank's operations while protecting depositors and the Deposit Insurance Fund. The action also prohibits Farmington and FBH from making dividends or capital distributions without approval and engaging in certain activities without supervisor consent.