ex10-2.htm


    
      

      

    



    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)

                	
                  )

                  )

                  )

                  )

                  )

                  )

                  )

                  )

                  )

                  )

                	
                  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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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