Cascade Bancorp (CACB)

[56Chevy]

Votes set for bank merger

Cascade Bancorp, Home Federal Bancorp shareholders to vote

Published Apr 12, 2014 at 12:01AM

Cascade Bancorp and Home Federal Bancorp announced Friday their respective shareholders will vote May 16 on the banks’ pending merger.

The directors of both Cascade Bancorp, parent company of Bend-based Bank of the Cascades, and Home Federal, based in Nampa, Idaho, agreed in October to merge their banks, a deal estimated to cost Cascade Bancorp $265.7 million in cash and stock. The merger would double Cascades’ assets to about $2.5 billion.

The U.S. Security and Exchange Commission reviewed the prospectus put before shareholders and declared it effective, said Cascades Bancorp President and CEO Terry Zink. The SEC does not approve or disapprove the merger, only review the filing to ensure the banks make the necessary disclosures.

“Obviously, we’re excited to get this thing closed,” Zink said Friday.

The banks initially expected to complete the merger vote by March 31, but unforeseen circumstances, such as the winter weather, intervened, he said. He said the two banks, if approved by stockholders, would become integrated as planned.

Cascades’ stock closed Friday at $4.87 per share, down 16 cents from the previous day. Home Federal closed Friday at $14.58, down 31 cents.

http://www.bendbulletin.com/home/1979495-151/votes-set-for-bank-merger#

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