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FDIC Enforcement Decisions and Orders

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{{12-31-91 p.C-310.3}}
   [10,062C] In the Matter of Skagit State Bank, Burlington, Wash., Docket No. CR-90-8903-2 (4-11-90).

   Civil Money Penalty assessed agaisnt Bank for violations relating to Reports of Condition and Income.

In the Matter of

Skagit State Bank
Burlington, Washington
(Insured State Nonmember Bank)


   Subject to the acceptance of this STIPULATION AND CONSENT ORDER TO PAY (CONSENT ORDER"), by the Federal Deposit Insurance Corporation ("FDIC"), it is hereby stipulated and agreed between a representative of the Legal Division of the FDIC and Skagit State Bank, Burlington, Washington ("Bank"), as follows:
   1. The parties agree to the issuance of this CONSENT ORDER, assessing a civil money penalty in the amount of $3,000 against the Bank pursuant to section 7(a)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1817(a)(1).
   2. This CONSENT ORDER shall become effective upon its issuance by the FDIC, and fully enforceable by the FDIC pursuant to the provisions of section 8(i) of the Act, 12 U.S.C. § 1818(i), subject only to the provisions of paragraph 3 set forth herein.
   3. In the event the FDIC accepts and issues this CONSENT ORDER, it is agreed that no action will be taken to enforce said CONSENT ORDER in the appropriate United States District COURT unless the Bank has failed to comply with the provisions of this CONSENT ORDER.
   4. The Bank agrees to pay the civil money penalty of $3,000 in the form of a check, payable to the Treasurer of the United States, contemporaneously with its execution of this CONSENT ORDER.
   5. The Bank hereby waives:
   (a) Its right to the issuance of a formal NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTY, FINDINGS OF FACT, AND CONCLUSIONS OF LAW, ("NOTICE OF ASSESSMENT"), detailing the alleged charges giving rise to the assessment of a civil money penalty, and a NOTICE OF HEARING;
   (b) All defenses in this proceeding;
   (c) The filing of Findings of Fact and Conclusions of Law;
   (d) A hearing for the purpose of taking evidence on the allegations set forth in the NOTICE OF ASSESSMENT;
   (e) A recommended decision by an Administrative Law Judge; and
   (e) Exceptions and briefs with respect to such recommended decision.
   Dated this 28th day of February, 1990.
   Accepted and issued by the FDIC this 11th day of April, 1990.

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