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FDIC Enforcement Decisions and Orders

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{{10-31-04 p.12,252.1}}

   [12,252] In the Matter of Issaquah Bank, Issaquah, Washington, Docket No. 04-157q (8-11-04).

   Status of bank as insured state nonmember bank terminated.

In the Matter of
(Insured State Nonmember Bank)


   Pursuant to section 8(q) of the Federal Deposit Insurance Act (the "Act"), 12 U.S.C. §1818(q), and section 18(i)(3) of the Act, 12 U.S.C. §1828(i)(3), the Federal Deposit Insurance Corporation ("FDIC"), having found that Cascade Bank, Everett, Washington ("Cascade Bank"), has provided to the FDIC on June 14, 2004, satisfactory evidence that it has assumed the liabilities for deposits of Issaquah Bank, Issaquah, Washington ("Insured Institution"), as of June 3, 2004, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Cascade Bank has notified the Insured Institution's depositors of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of the Insured Institution, as an insured state nonmember bank be, and hereby is, terminated as of June 14, 2004.

   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Cascade Bank from the Insured Institution shall terminate at the expiration of December 3, 2004, or, in the case of any time deposit, the earliest maturity date after December 3, 2004, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).

   Pursuant to delegated authority.

   Dated at Washington, D.C., this 11th day of August, 2004.

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Last Updated 11/20/2004 legal@fdic.gov

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