Followers | 241 |
Posts | 12150 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Thursday, October 29, 2015 8:50:55 AM
BEND, Ore., Oct. 28, 2015 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Company" or "Cascade"), the holding company for Bank of the Cascades ("Bank"), today announced that the Bank has entered into an agreement to purchase 12 Oregon branch locations and three Washington branch locations from Bank of America, National Association. This acquisition allows Cascade the opportunity to enhance and strengthen its footprint in Oregon while providing entry into the Washington market.
Cascade will assume approximately $707 million of branch deposits in the transaction. Pending regulatory approval and the satisfaction of customary closing conditions, the completion of the transaction is expected to occur in the first quarter of 2016. Cascade plans to retain current employees working at the branches and is committed to a smooth transition for customers.
"I am pleased to announce that this acquisition will include additional locations in Southern Oregon, as well as new branches in Coastal Oregon communities and will provide an entry into neighboring Washington State. We look forward to welcoming our new employees and customers to a locally based bank that has served communities in the Pacific Northwest for nearly 40 years," commented Terry Zink, President and CEO of Cascade. "We believe our new customers will be very pleased with our personalized approach to banking, including convenient branch locations and best-in-class banking services, such as service-charge-free nationwide ATM access, and 24/7 online and mobile banking for businesses and consumers. Importantly, we believe our new employees will be pleased with Cascade's commitment to our people and our communities, as well as support of volunteer efforts in tandem with donations to local not-for-profit organizations."
The acquisition will strengthen Cascade's core deposit and customer relationship base in the Southern and Coastal counties of Oregon, with its deposit market share increasing to a top three ranking in many of these communities. Cascade's strategic goal is to grow the company to $5 billion in assets over time through both organic loan growth and value-enhancing bank acquisitions in the Northwest.
Cascade Bancorp was advised in this transaction by Macquarie Capital (USA) Inc. as financial advisor and Hunton & Williams LLP as legal counsel. Additional information regarding the branch acquisition is available in the Company's Form 8-K, as filed with the Securities and Exchange Commission on October 28, 2015.
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, Idaho and Washington markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 37 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 botc.com.
http://www.prnewswire.com/news-releases/bank-of-the-cascades-announces-the-acquisition-of-15-branches-300168433.html
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent CACB News
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois d'août 2024 • PR Newswire (Canada) • 08/23/2024 12:50:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for August 2024 • PR Newswire (Canada) • 08/23/2024 12:49:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for July 2024 • PR Newswire (Canada) • 07/24/2024 12:00:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de juillet 2024 • PR Newswire (Canada) • 07/24/2024 12:00:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de juin 2024 • PR Newswire (Canada) • 06/21/2024 12:30:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for June 2024 • PR Newswire (Canada) • 06/21/2024 12:30:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de mai 2024 • PR Newswire (Canada) • 05/24/2024 11:30:00 AM
- CIBC Asset Management announces CIBC ETF cash distributions for May 2024 • PR Newswire (Canada) • 05/24/2024 11:30:00 AM
- CIBC Asset Management announces CIBC ETF cash distributions for April 2024 • PR Newswire (Canada) • 04/23/2024 12:30:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois d'avril 2024 • PR Newswire (Canada) • 04/23/2024 12:30:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de mars 2024 • PR Newswire (Canada) • 03/21/2024 12:00:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for March 2024 • PR Newswire (Canada) • 03/21/2024 12:00:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for February 2024 • PR Newswire (Canada) • 02/22/2024 12:30:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de février 2024 • PR Newswire (Canada) • 02/22/2024 12:30:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for January 2024 • PR Newswire (Canada) • 01/24/2024 01:30:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de janvier 2024 • PR Newswire (Canada) • 01/24/2024 01:30:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces révisées des FNB CIBC pour le mois de décembre 2023 • PR Newswire (Canada) • 12/28/2023 04:02:00 PM
- CIBC Asset Management announces revised CIBC ETF cash distributions for December 2023 • PR Newswire (Canada) • 12/28/2023 04:01:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de décembre 2023 • PR Newswire (Canada) • 12/20/2023 06:03:00 PM
- CIBC Asset Management announces CIBC ETF cash distributions for December 2023 • PR Newswire (Canada) • 12/20/2023 06:03:00 PM
- Gestion d'actifs CIBC annonce les distributions annuelles finales de gains en capital réinvesties de 2023 pour les FNB CIBC et la série FNB • PR Newswire (Canada) • 12/20/2023 06:03:00 PM
- CIBC Asset Management announces final 2023 annual reinvested capital gains distributions for CIBC ETFs and ETF Series • PR Newswire (Canada) • 12/20/2023 06:03:00 PM
- Gestion d'actifs CIBC annonce des distributions annuelles estimatives de gains en capital réinvesties de 2023 pour les FNB CIBC et la série FNB • PR Newswire (Canada) • 11/29/2023 05:00:00 PM
- CIBC Asset Management announces estimated 2023 annual reinvested capital gains distributions for CIBC ETFs and ETF Series • PR Newswire (Canada) • 11/29/2023 05:00:00 PM
- Gestion d'actifs CIBC annonce les distributions en espèces des FNB CIBC pour le mois de novembre 2023 • PR Newswire (Canada) • 11/23/2023 01:00:00 PM
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM