UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~June~~ July 2230, 2010

Cowlitz Bancorporation

(Exact Name of Registrant as specified in its charter)

Washington
(State or other jurisdiction of incorporation)

0-23881
(Commission File Number)

91 - 1529841
(IRS Employer Identification No.)

927 Commerce Ave.
Longview, Washington 98632
Address of Principal Executive Office and Zip Code

Registrant's telephone number including area code 360-423-9800

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 81.0103 ~~Other~~Bankruptcy ~~Events~~or Receivership.

On ~~June~~July 2230, 2010, ~~Cowlitz Bancorporation,~~ the ~~holding~~Washington ~~company~~Department ~~for~~of ~~Cowlitz~~Financial ~~Bank,~~Institutions ~~announced~~closed ~~that~~Cowlitz ~~the~~ Bank ~~has received from~~ (the ~~Federal Deposit Insurance Corporation (~~“~~FDIC~~Bank”), athe ~~Supervisory~~wholly-owned ~~Prompt~~subsidiary ~~Corrective~~of ~~Action~~Cowlitz ~~Directive~~Bancorporation (the “~~Directive~~Company”)~~. Prior to its issuance~~, ~~the~~and ~~Bank~~appointed ~~was subject to all of~~ the ~~Directive's~~Federal ~~restrictions~~Deposit ~~except~~Insurance ~~recapitalization~~Corporation ~~requirements. The Directive requires that within 30 days of~~ (the ~~June~~“FDIC”) ~~15,~~as ~~2010~~receiver ~~effective date~~ of the ~~Directive, the~~ Bank ~~must either recapitalize by the sale of shares or obligations so that the Bank will be adequately recapitalized, or accept an offer to be acquired by another institution~~.

~~Even~~As ~~with~~indicated in the ~~constrained~~FDIC ~~capital~~press ~~markets~~release dated July 30, 2010, Heritage Bank, Olympia, Washington assumed all of the ~~Company~~deposits ~~has~~of ~~engaged~~the Bank and agreed to purchase approximately $329.5 million of the Bank's assets in ~~numerous~~a ~~discussions~~transaction ~~and~~facilitated ~~due~~by ~~diligence~~the ~~with~~FDIC. The ~~various~~9 ~~capital~~branch ~~sources,~~offices ~~and~~of the Bank will ~~continue~~reopen toas ~~vigorously~~branches ~~pursue~~of ~~contacts~~Heritage ~~and~~Bank ~~discussions~~on ~~with~~Saturday ~~prospective~~during ~~investors~~normal banking hours. ~~The~~Customers ~~Company~~who ~~also~~have isquestions ~~continuing~~about ~~its~~the ~~strategy~~foregoing tomatter, ~~significantly~~or ~~reduce~~who ~~loans~~would like more information about the closure of the Bank, ~~thereby~~can ~~reducing~~visit the ~~required~~FDIC’s ~~level~~Internet ofwebsite ~~capital~~at http://fdic.gov/bank/individual/failed/cowlitz.html or call the FDIC toll-free at 1-800-206-4662.

~~The~~As ~~Directive~~of ~~also~~July ~~reiterates~~30, ~~restrictions~~2010, ~~previously~~the ~~imposed~~Company’s onprimary assets, excluding its investments in the Bank byand ~~the~~Cowlitz ~~regulators~~Statutory Trust I, ~~prohibiting~~which ~~the~~investments ~~Bank~~are ~~from~~expected ~~accepting~~to orbe ~~renewing~~written ~~brokered~~off ~~deposits~~completely, ~~increasing~~consisted ~~assets,~~primarily ~~paying~~of ~~dividends,~~cash ~~increasing~~and ~~compensation~~cash orequivalents ~~paying~~of ~~bonuses~~approximately to$240,000 ~~directors~~and orprepaid ~~officers,~~expenses ~~opening~~of $100,000. ~~relocating~~Liabilities orwere ~~selling~~comprised ~~new~~primarily ~~offices~~of junior subordinated debt of $12.4 million and ~~requiring~~accrued ~~the~~and ~~Bank~~unpaid tointerest ~~comply~~of ~~with~~approximately ~~certain~~$277,000. ~~restrictions~~Based on ~~interest~~the ~~rates~~Company’s ~~and~~current ~~transactions~~financial ~~with~~condition, ~~affiliates.~~the ~~The~~Company’s ~~Bank~~board ~~was~~of ~~already~~directors ~~subject~~will toevaluate ~~these~~options ~~restrictions~~for ~~prior~~winding todown the ~~issuance~~affairs of the ~~Directive~~Company, which may include the dissolution of the Company pursuant to Washington law. As the Company no longer serves as the holding company for the Bank, its ongoing activities are limited.

~~Despite~~Item ~~the~~2.04 ~~restrictions~~Triggering onEvents ~~issuance~~that ~~and~~Accelerate ~~renewal~~or ofIncrease ~~brokered~~a ~~certificates~~Direct ofFinancial ~~deposit~~Obligation ~~which~~or ~~became~~an ~~effective~~Obligation inunder ~~2009,~~an ~~the Bank is maintaining a significant on~~Off-~~balance~~Balance ~~sheet~~Sheet ~~liquidity position through its core deposit base, issuance of internet service listing deposits and the benefit of increased FDIC deposit insurance limits~~Arrangement. ~~Currently, the Bank has approximately $175 million of cash, cash equivalent investments and available for sale securities.~~

~~The~~As ~~ability~~of toJuly ~~service~~30, 2010, the ~~Bank’s~~Company ~~customers~~had isapproximately ~~not~~$12.0 ~~impacted~~million byJunior ~~the~~Subordinated ~~Directive~~Debt atDeferrable ~~this~~Interest ~~time,~~Debentures ~~and~~due ~~customer~~2035 ~~deposits~~outstanding ~~remain~~pursuant ~~fully~~to ~~insured~~an toIndenture ~~the~~dated ~~highest~~April ~~limits~~29, ~~set~~2005, by and between the ~~FDIC~~Company and Wilmington Trust Company, as trustee. The appointment of the ~~Bank~~FDIC ~~continues~~as toreceiver ~~participate~~of inthe ~~all~~Bank ~~available~~may ~~insurance~~constitute ~~programs.~~an ~~For~~event ~~the~~of ~~Bank’s~~default ~~trust~~under ~~customers~~the indenture, ~~trust~~under ~~assets~~which ~~benefit~~the ~~from~~principal anamount ~~additional~~of ~~level~~the ofdebt ~~security~~securities, astogether ~~those~~with ~~assets~~accrued ~~are~~but ~~completely~~unpaid ~~separate~~interest, ~~and~~becomes ~~distinct~~immediately ~~from~~due ~~bank~~and ~~assets~~payable.

~~For further information about the Directive, see the full text of the Directive, which is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.~~SIGNATURES

~~Item~~Pursuant ~~9.01~~to ~~Financial~~the ~~Statements~~requirements ~~and~~of ~~Exhibits~~the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 30, 2010 COWLITZ BANCORPORATION (dRegistrant) ~~Exhibits~~ By: /s/ Gerald L. Brickey Gerald L. Brickey Chief Financial Officer

Exhibit 99.1

FDIC Supervisory Prompt Corrective Action Directive, dated June 15, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 22, 2010 COWLITZ BANCORPORATION (Registrant) By: /s/ Gerald L. Brickey Gerald L. Brickey Chief Financial Officer

Filing Compare · COWLITZ BANCORPORATION