No. There are two distinct transactions: (1) the deposit of the check, which is not reportable; and (2) the withdrawal of cash in excess of $10,000, which is reportable.
As it happens, if the deposit was to a checking, NOW or MMDA account and the cash withdrawal was completed by check drawn on that account, the preferred way to categorize the transaction is as a Negotiable Instrument Cashed. If, however, the cash was withdrawn using a teller form or a non-negotiable "counter check," you should describe it using "Deposit/withdrawal."
The hold is what's often called a "red herring" in this scenario. It looks like a significant fact, but it has no relevance to the discussion.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8