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                                                                    EXHIBIT 10.3


                        FEDERAL HOME LOAN BANK OF SEATTLE
                            Seattle, Washington 98101

                            PROMISSORY NOTE NO. 75494
                             Cash Management Advance

For purposes of this promissory note the:
Issue Date shall be:       May 7, 1987
Maturity Date shall be:    May 7, 1998
Maximum Borrowing Amount shall be:  FIFTEEN MILLION NINE HUNDRED FIFTEEN 
                                    THOUSAND ONE HUNDRED and NO/100
DOLLARS  ($15,915,100.00)

Index shall be:         Cash Management Advance Rate, as quoted by the Bank
Interest Rate shall be: Index calculated on an actual/360 basis

For value received, on each business day, the undersigned maker ("Customer")
hereby promises to pay to the order of the FEDERAL HOME LOAN BANK OF SEATTLE
("Bank") the Principal Sum of the Maximum Borrowing Amount or, if less, the
aggregate unpaid principal and interest amount of all Advances made by the Bank
pursuant to the Cash Management Agreement Letter outstanding on the Maturity
Date. The Maturity Date of the Note shall mean the earlier of the Maturity Date
or the date on which the Bank demands in writing that the Customer pay the
unpaid principal amount hereof. The Customer acknowledges that such demand may
be made whether or not a Default has occurred.

The Customer also promises to pay interest on the daily unpaid principal amount
of each Advance from the date of each Advance until payment in full, payable at
the Bank's office on the first day of each month that is a business day for the
Bank, at a rate per annum equal to the "Cash Management Advance Rate" quoted by
the Bank from time to time. Each change in interest rate will take effect
simultaneously with the corresponding change in the Cash Management Advance
Rate. Upon occurrence of a Default, interest and principal on each Advance shall
be payable as provided in the Advances, Security, and Deposit Agreement.

All Advances made by the Bank to the Customer pursuant to the Cash Management
Agreement Letter and all payments on account of principal thereof shall be
recorded by the Bank with reference to this Promissory Note number.

This Promissory Note is the Note referred to in, and is entitled to the benefits
of the Cash Management Agreement Letter as the same may be amended, modified or
supplemented from time to time, between the Bank and the Customer. This
Promissory Note is also governed by and is subject to the agreements, terms and
conditions contained in an instrument entitled "Advances, Security, and Deposit
Agreement" between the Customer and the Bank, the provisions of which are
incorporated herein by reference. Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Cash Management Agreement Letter
and the Advances, Security and Deposit Agreement. Advances are to be used for
sound business purposes. Non-qualified thrift lenders use funds for activities
which support housing related purposes. Any Savings Association which does not
meet qualified thrift lender requirements is to notify the Bank of its
ineligibility.

The Customer may repay the principal amount hereof, in whole or in part without
prior day's notice to the Bank or additional fee.

IN WITNESS WHEREOF, the Customer, by authority of its Board of Directors or
other governing body, confirms its application for the Advance evidenced hereby
and has caused this Note to be executed and delivered by its duly designated and
authorized Officers.

                        Cowlitz Bank, Longview, WA 09014
                                   (Customer)


By: /s/ Donna P. Garder       , its Sr. Vice President & Chief Financial Officer
   --------------------------       --------------------------------------------
        (Signature)                                 (Title)


        Donna P. Gardner
   --------------------------
         (Typed Name)


By: /s/ Charles W. Jarrett    , its President & Cheife Executive Officer
   ---------------------------      --------------------------------------------
           (Signature)                               (Title)


        Charles W. Jarrett
   ---------------------------
         (Typed Name)