Bank of the Cascades Completes Acquisition of 15 Bank of America Branches, Increase in deposits of $470 million or 23% (3/08/16)
BEND, Ore., March 8, 2016 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Company" or "Cascade"), the holding company for Bank of the Cascades, today announced the completion of the acquisition of 15 former Bank of America branches in Southern and Coastal Oregon and Western Washington. Bank of the Cascades is now Oregon's largest community bank with approximately $3.0 billion in assets, operating 51 branches in Oregon, Washington and Southwest Idaho, plus commercial banking centers located in downtown in Portland and Seattle.
Cascade assumed approximately $470 million of branch deposits and welcomed nearly 60,000 new customer accounts in the transaction. With the addition of new branches and new communities, Cascade was pleased to offer continued employment to employees at the branches impacted by the change.
The transaction reflects Bank of the Cascades' continued effort to become the Northwest's premier community bank that is committed to supporting the financial well-being of both customers and local economies. Cascade's strategic goal is to grow the bank to $5 billion in assets over time through both organic loan growth and value-enhancing acquisitions in the Northwest. This acquisition solidifies Cascade as one of the fastest-growing banks in the region while improving its deposit market share to a top three ranking in many of their communities.
"First I would like to welcome all of our new customers to Bank of the Cascades. We are very pleased to be able to provide a continuation of banking services to those customers and communities who were impacted by Bank of America's decision to sell their branches. You should know that Bank of the Cascades offers a rare combination of top-notch banking products and services with the local and personalized delivery of a community bank. We provide access to a full range of business and consumer banking products and service lines, in addition to making all of our lending decisions at the local level by knowledgeable bankers who our customers know and trust," said Terry Zink, Chief Executive Officer of Bank of the Cascades. "Our customers also have the satisfaction of knowing that their deposits are reinvested directly back into their local community to help businesses expand, increase homeownership, support the work of worthy nonprofits, and much more."
"It's an exciting time to be a part of the Bank of the Cascades family," said Chip Reeves, President and Chief Operating Officer of Bank of the Cascades. "Our vision to see communities of all sizes across the Northwest thrive economically took an important step forward today. We look forward to making a positive difference in our new communities, as well as continuing to invest in the prosperity of all the communities we serve."
New Bank of the Cascades communities in Oregon include Ashland, Bandon, Lincoln City, Newport, North Bend, Reedsport, Roseburg, Grants Pass, Klamath Falls, Medford and Seaside. Bank of the Cascades also officially entered Washington State's retail banking market by acquiring Bank of America branches in the communities of Cathlamet, Raymond and Westport.
The transaction with Bank of America marks Bank of the Cascades' second major acquisition in the last two years as part of its efforts to position itself as the premiere community bank serving Northwest business and consumer customers. In 2014, Bank of the Cascades acquired Nampa, Idaho-based Home Federal Bank, which significantly expanded its presence in Southwest Idaho and Oregon.
About Bank of the Cascades
Bank of the Cascades is the principal subsidiary of Cascade Bancorp (NASDAQ: CACB). Headquartered in Bend, Oregon, Bank of the Cascades delivers personalized relationship banking, competitive financial products and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 51 branches in Central Oregon, Southern and Coastal Oregon, Willamette Valley, Western Washington and Southwest Idaho. Throughout its history, the bank has been recognized for its long-standing tradition of corporate philanthropy. For more information, visit www.botc.com. http://www.prnewswire.com/news-releases/bank-of-the-cascades-completes-acquisition-of-15-bank-of-america-branches-increase-in-deposits-of-470-million-or-23-300232746.html