Moonstone Bank, a rural Washington state bank that received an approximated $11.5 million investment from FTX’s sis company, Alameda Research, says that it will be exiting the crypto area and going back to its “original objective” as a neighborhood bank.

In a Jan. 18 statement, the bank said that the modification in method comes as a result of “recent occasions in the crypto properties industry and the altering regulatory environment surrounding crypto possession companies.”

As part of the bank’s effort to “go back to its roots,” it said that it will no longer use the name Moonstone Bank and will be rebranding and re-adopting the Farmington State Bank name, known in the local community for 135 years.

According to the bank, the modification is estimated to take effect in the coming weeks and local banking consumers will not experience any disruption of services.

Although the bank did not outrightly mention the collapse of FTX as part of its decision to re-strategize and rebrand, it is comprehended that these occasions might be connected.

Moonstone Bank was reportedly obtained in 2020 by Jean Chalopin, the Bahamas-based chairman of Deltec, which is another FTX banking partner. Chalopin apparently secured an $11.5 million investment from Alameda Research in January 2022 to transform Moonstone into a crypto-focused financial services firm.

Related: Silvergate sold assets at loss and cut staff to cover $8.1 B in withdrawals: Report

Farmington State Bank seems on the growing list of banks impacted by the sudden implosion of FTX.

On Jan. 5, Pandoraland reported that the FTX debacle has triggered a bank operate on Silvergate, triggering the company to sell off its properties at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals. As a result of this, Silvergate dismissed around 200 staff members, which was 40% of its overall personnel. Additionally, the bank canceled its strategy to release its own digital currency job.