Cascade Bancorp Completes Acquisition of Home Federal Bancorp, Inc. (5/19/14)
BEND, Ore., May 19, 2014 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Cascade"), the holding company for Bank of the Cascades ("Bank"), today announced that on May 16, 2014 it completed its previously announced acquisition of Home Federal Bancorp, Inc. (NASDAQ: HOME) ("Home"). The combined company is expected to have assets in excess of $2.3 billion and deposits of $2.0 billion with forty branches serving the Oregon and Boise, Idaho markets.
Terry Zink, President and Chief Executive Officer of Cascade, commented, "I am very excited to welcome the customers and employees of Home Federal to Cascade. This acquisition expands our operational footprint in the Pacific Northwest while also providing revenue and cost synergies to the Bank. We look forward to delivering an expanded line of products and services to meet the financial needs of our local business and personal banking customers as we strive to be the premier community bank in the Pacific Northwest."
Under the terms of the merger agreement, former shareholders of Home Federal Bancorp will receive a fixed exchange ratio of 1.6772 shares of Cascade common stock and $8.43 in cash for each share of Home Federal Bancorp common stock, without interest and less withholding for taxes (and cash in lieu of fractional shares).
Cascade was advised in this transaction by Macquarie Capital, as financial advisor, and Hunton & Williams LLP, as legal counsel. Home was advised by Keefe, Bruyette & Woods, as financial advisor, and Vorys, Sater, Seymour and Pease LLP, as legal counsel.
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 28 branches in Central, Southern and Northwest Oregon, as well as in the greater Boise/Treasure Valley, Idaho area. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.