A bank linked to FTX changed its business plan without letting supervisors know, the Federal Reserve said in an enforcement action. 

The central bank issued the action against Washington-based Farmington State Bank and its holding company, FBH Corporation, on Thursday, according to a statement. Farmington, which used to do business as Moonstone Bank and had direct ties to FTX’s trading arm Alameda. 

“The Board's action ensures the bank's operations will wind down in a manner that protects the bank's depositors and the Deposit Insurance Fund. The action also prohibits Farmington and FBH from making dividends or capital distributions, dissipating cash assets, and engaging in certain activities without approval from its supervisors,” the central bank said.

Farmington said it …