March 23, 2007
Cease and desist order against Cache Valley Banking Company and Cache Valley Bank
For immediate release
The Federal Reserve Board on Friday announced the issuance of a consent Cease and Desist Order against Cache Valley Banking Company and Cache Valley Bank, both of Logan, Utah.
The Federal Reserve Board simultaneously announced the termination of the April 19, 2004 Written Agreement by and among Cache Valley Bank Company, Cache Valley Bank, the Federal Reserve Bank of San Francisco, and the Utah State Department of Financial Institutions.
The Utah State Department of Financial Institutions has concurrently issued a consent Cease and Desist Order against Cache Valley Banking Company and Cache Valley Bank, and terminated, on its own behalf, the April 19, 2004 Written Agreement. The Utah State Department of Financial Institutions has also terminated the October 13, 2005 Amended Written Agreement by and among Cache Valley Banking Company, Cache Valley Bank, and the Utah State Department of Financial Institutions.
A copy of the Federal Reserve Board’s Cease and Desist Order is attached.