EXHIBIT 10.3


 


FEDERAL
DEPOSIT INSURANCE CORPORATION


 


WASHINGTON,
D.C.


 


OREGON
DIVISION OF FINANCE AND CORPORATE SECURITIES


 


SALEM,
OREGON


 




	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  In
  the Matter of

  	
  )

  	
  STIPULATION AND CONSENT

  
	
   

  	
  )

  	
  TO THE ISSUANCE

  
	
  WEST
  COAST BANK 

  LAKE OSWEGO, OREGON

  	
  )

  )

  	
  OF AN ORDER

  TO CEASE AND DESIST

  
	
   

  	
  )

  	
   

  
	
  (INSURED
  STATE NONMEMBER BANK)

  	
  )

  	
  FDIC-09-453b

  
	
   

  	
  )

  	
   

  






 


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 Oregon Division of Finance and Corporate Securities (“DFCS”), it is hereby
stipulated and agreed by and between a representative of the Legal Division of
FDIC, a representative of the DFCS, and West Coast Bank, Lake Oswego, Oregon
(“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 section
706.580(2) of the Oregon Revised Statutes (“ORS”), and has waived those
rights.


 


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 DFCS.  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 ORS, and that said ORDER shall become effective upon its issuance by
the FDIC and the DFCS, and fully enforceable by the FDIC and the DFCS pursuant
to the provisions of the Act and the ORS.


 


3.                                       In the event the FDIC and the DFCS 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 Circuit Court will be taken by the DFCS, 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.


 


Dated: 
October 15, 2009


 


	
  FEDERAL
  DEPOSIT INSURANCE

  CORPORATION, LEGAL DIVISION

  BY:

  	
   

  	
  WEST
  COAST BANK

  LAKE OSWEGO, OREGON

  BY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Lorraine Y. Sumulong

  	
   

  	
  /s/
  Lloyd D. Ankeny

  
	
  Lorraine
  Y. Sumulong 

  	
   

  	
  Lloyd
  D. Ankeny

  
	
  Senior
  Regional Attorney

  	
   

  	
   

  



 


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  OREGON
  DIVISION OF FINANCE AND

  CORPORATE SECURITIES

  BY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  David C. Tatman

  	
   

  	
  /s/
  Michael J. Bragg

  
	
  David
  C. Tatman

  Administrator

  	
   

  	
  Michael
  J. Bragg

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Duane C. McDougall

  
	
   

  	
   

  	
  Duane
  C. McDougall

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Steven A. Oliva

  
	
   

  	
   

  	
  Steven
  A. Oliva

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Steven N. Spence

  
	
   

  	
   

  	
  Steven
  N. Spence

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Robert D. Sznewajs

  
	
   

  	
   

  	
  Robert
  D. Sznewajs

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  David J. Truit

  
	
   

  	
   

  	
  David
  J. Truit

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Nancy A. Wilgenbusch

  
	
   

  	
   

  	
  Nancy
  A. Wilgenbusch

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Comprising
  the Board of Directors of West

  Coast Bank, Lake Oswego, Oregon

  



 


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