Bank of Cascades buying 15 Bank of America branches
Cascade Bancorp, the holding company for Bank of the Cascades, announced Wednesday it has entered into an agreement to purchase 12 Oregon branch locations and three in Washington from Bank of America.
“This acquisition allows Cascade the opportunity to enhance and strengthen its footprint in Oregon while providing entry into the Washington market,” the bank said in a statement, which continues below:
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,pPresident and CEO of Cascade Bancorp.
“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 Wednesday.
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.
