KENNETH R. BINNING
DIRECTOR, APPLICATIONS AND FINANCIAL ANALYSIS
BANKING SUPERVISION AND REGULATION
August 25, 1999
Mr. Michael B. Hansen
Chief Executive Officer
EverTrust Financial Group, Inc.
2707 Colby Avenue, Suite 600
Everett, Washington 98201
Dear Mr. Hansen:
The Federal Reserve Bank of San Francisco, pursuant to authority delegated by the Board of
Governors of the Federal Reserve System has, on this date, approved the application by EverTrust
Financial Group, Inc., Everett, Washington, (“EverTrust”), to acquire 100 percent of Everett
Mutual Bank (“EMB”) and Commercial Bank of Everett (“CBE”), both of Everett, Washington,
pursuant to section 3(a)(1) of the Bank Holding Company Act.
In granting this approval, the Reserve Bank has relied upon all of the representations and
commitments made by or on behalf of EverTrust, including the enclosed commitments provided by
EverTrust’s employee stock ownership plan. These commitments are deemed to be conditions
imposed in writing by the Board of Governors and, as such, may be enforced in proceedings under
applicable law. The acquisition may not be consummated before the 15th calendar day or after three
months from the date of this letter, unless such period of time is extended by the Federal Reserve
System.
Please advise the undersigned in writing when this transaction is consummated. In
addition, the following information should be provided to the undersigned within 30 days of
consummation:
1. Mailing address of EverTrust to be used in the future (if different from above);
2.
Date of fiscal year-end of EverTrust;
3.
Parent-only balance sheet of EverTrust as of the close of business on the date of
consummation (the balance sheet should be prepared in accordance with generally accepted
accounting principles);
4.
Number and percent of each class of voting shares of EMB and CBE acquired by EverTrust;
August 25, 1999
FEDERAL RESERVE BANK OF SAN FRANCISCO
101 MARKET STREET, SAN FRANCISCO, CALIFORNIA 94105
Telephone: (415) 974-3007 FAX: (415) 974-3031 Email: ken