FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON, D.C. WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS OLYMPIA, WASHINGTON

EX-10.19 15 dex1019.htm STIPULATION AND CONSENT TO ISSUANCE OF AN ORDER TO CEASE AND DESIST Stipulation and Consent to Issuance of an Order to Cease and Desist

Exhibit 10.19

FEDERAL DEPOSIT INSURANCE CORPORATION

WASHINGTON, D.C.

WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS

OLYMPIA, WASHINGTON

 

     
     )   
In the Matter of    )    STIPULATION AND CONSENT
   )    TO THE ISSUANCE
HOMESTREET BANK    )    OF AN ORDER
SEATTLE, WASHINGTON    )    TO CEASE AND DESIST
   )   
(INSURED STATE NONMEMBER BANK)    )    Docket FDIC-09-121b
     )   

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 HomeStreet Bank, Seattle, 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 the Revised Code of Washington (“RCW”), Anno. § 30.04.450, 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 accept the CONSENT AGREEMENT and issue 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: May 7, 2009

  

FEDERAL DEPOSIT INSURANCE

CORPORATION, LEGAL DIVISION

  

HOMESTREET BANK

SEATTLE, WASHINGTON

BY:

   BY:

/s/ JoAnna A. Gekas

  

/s/ Scott M. Boggs

JoAnna A. Gekas

Counsel

   Scott M. Boggs

 

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WASHINGTON DEPARTMENT OF

FINANCIAL INSTITUTIONS

BY:

  

/s/ Brad Williamson

  

/s/ Brian P. Dempsey

Brad Williamson

Director

   Brian P. Dempsey
  

/s/ David A. Ederer

   David A. Ederer
  

/s/ Joan L. Enticknap

   Joan L. Enticknap
  

/s/ Judd Kirk

   Judd Kirk
  

/s/ Gerhardt Morrison

   Gerhardt Morrison
  

/s/ Mary H. Oldshue

   Mary H. Oldshue
  

/s/ Cynthia P. Sonstelie

   Cynthia P. Sonstelie
  

/s/ Janet L. Westling

   Janet L. Westling

 

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/s/ Bruce W. Williams

Bruce W. Williams

/s/ Kathryn A. Williams

Kathryn A. Williams

Comprising the Board of Directors of

HomeStreet Bank, Seattle, Washington

 

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