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FEDERAL DEPOSIT INSURANCE CORPORATION

WASHINGTON, D.C.

WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS

OLYMPIA, WASHINGTON

 

     
In the Matter of
 
FRONTIER BANK
EVERETT, WASHINGTON
 
(INSURED STATE NONMEMBER BANK)
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STIPULATION AND CONSENT
TO THE ISSUANCE
OF AN ORDER TO
CEASE AND DESIST
Docket FDIC-09-080b
     

Subject to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF AN
ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT") by the Federal Deposit Insurance
Corporation ("FDIC") and the Washington Department of Financial Institutions
(“DFI”), it is hereby stipulated and agreed by and between a representative of
the Legal Division of FDIC, a representative of the DFI, and Frontier Bank,
Everett, Washington ("Bank"), as follows:
 
1.           The Bank has been advised of its right to receive a NOTICE OF
CHARGES AND OF HEARING (“NOTICE”) detailing the unsafe or unsound banking
practices and violations of law alleged to have been committed by the Bank and
of its right to a public hearing on the alleged charges under section 8(b)(1) of
the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b)(1), and §
30.04.450 of the Revised Code of Washington (“RCW”), and has waived those
rights.
 

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2.           The Bank, solely for the purpose of this proceeding and without
admitting or denying any of the alleged charges of unsafe or unsound banking
practices and any violations of law, hereby consents and agrees to the issuance
of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC and the DFI.  The Bank
further stipulates and agrees that such ORDER will be deemed to be an order
which has become final under the Act and the RCW, and that said ORDER shall
become effective upon its issuance by the FDIC and the DFI, and fully
enforceable by the FDIC and the DFI pursuant to the provisions of the Act and
the RCW.
 
3.           In the event the FDIC and the DFI accepts the CONSENT AGREEMENT and
issues the ORDER, it is agreed that no action to enforce said ORDER in the
United States District Court will be taken by the FDIC, and no action to enforce
said ORDER in State Superior Court will be taken by the DFI, unless the Bank or
any institution-affiliated party, as such term is defined in section 3(u) of the
Act, 12 U.S.C. § 1813(u), has violated or is about to violate any provision of
the ORDER.
 
4.           The Bank hereby waives:
 
(a)           The receipt of a NOTICE;
 
(b)           All defenses in this proceeding;
 
(c)           A public hearing for the purpose of taking evidence on such
alleged charges;
 
(d)           The filing of Proposed Findings of Fact and Conclusions of Law;
 
(e)           A recommended decision of an Administrative Law Judge; and
 
(f)           Exceptions and briefs with respect to such recommended decision.
 

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Dated:
 

 
 FEDERAL DEPOSIT INSURANCE CORPORATION, LEGAL
   FRONTIER BANK  DIVISION    EVERETT, WASHINGTON  BY:    BY:             Sandra
A. Quigley    Michael J. Clementz Counsel    

       WASHINGTON DEPARTMENT OF FINANCIAL    David M. Cuthill  INSTITUTIONS    
 BY:          Lucy DeYoung        Brad Williamson      Director    John J.
Dickson  Division of Banks                Patrick M. Fahey                
 Edward H. Hansen                  Edward C. Rubatino                  Darrell
Storkson                  Mark O. Zenger                  
Comprising the Board of Directors of Frontier Bank, Everett, Washington