In connection with this agreement, the bank stipulated to issuance of a cease-and-desist order against the bank by Federal Deposit Insurance Corporation (FDIC) and the Oregon Division of Finance and Corporate Securities, based on certain findings from an examination of the bank concluded in September 2008 based upon financial and lending data measured as of June 30, 2008.
In entering into the stipulation and consenting to entry of the order, the bank did not concede the findings or admit to any of the assertions therein, but it did agree to adopt and implement a corrective program to address certain deficiencies noted in the examination.
Terry Cochran, CEO of Columbia River Bank, said: Although these requirements are mandates to us, we frankly view them as prudent steps that should be taken to permit us to continue to improve our ability to serve our depositors and borrowers, and to protect our customers, shareholders and employees. Further, we do not intend to stop with the requirements imposed upon us, but instead are actively conducting our own ongoing, bottom-up review of our business and preparing a thorough remedial action plan.
