Alameda Invests $11.5 Million in Small Rural Bank Reviving Farmington

•Alameda recently invested $11.5 million in a small rural bank, Farmington State Bank, located in Farmington.
•The town was originally formed in 1888 and the main industry at the time was cattle ranching.
•The bank was founded in 1929 and survived the Great Depression while many other local banks failed.

Alameda recently made an investment of $11.5 million in a small rural bank, Farmington State Bank, located in the small town of Farmington. This town was formally formed in 1888 and was mainly known for its cattle ranching industry. Farmers also had fruit orchards and sugar beet farms, but they were largely neglected by the late 1890s in favor of the development of wheat and lentils. The town started to prosper when the railroad depot, which served Farmington on the Spokane-Palouse rail line, was built. This allowed them to export their local produce, and even attracted former President Teddy Roosevelt to visit the town in 1908.

This success caused the population of Farmington to rapidly increase, peaking at 500 people in 1929. That same year, the Farmington State Bank was founded, but was severely impacted by the Great Depression. By 1940, the population had decreased to 341 inhabitants and further down to 140 by 1970. Numbers have stayed fairly constant ever since. The town is home to a sawmill, buckskin outfitter, lentil processing facility, and the bank, which are the only four companies mentioned in the directory.

It is believed that the bank’s rural roots are what allowed it to survive the Great Depression, while so many other local banks failed. John Widman, the bank’s president, boasted that the institution didn’t provide credit cards, had more deposits than loans, and was never involved in speculative investments. These are all things that allowed the bank to remain in business during the Great Depression, while many others failed.

Now, Alameda’s investment in the bank is helping to revitalize the town and create new opportunities. The bank is hoping to focus on its roots in the neighborhood and providing local services, while foregoing their dreams of cryptocurrency and marijuana. With Alameda’s investment and the bank’s focus on its roots, Farmington is expected to continue to grow and prosper.