Bank of the Cascades grows with purchase of 15 branches

Bend-based bank buys Bank of Americas in Washington, Oregon.

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Bend-based Bank of the Cascades announced Wednesday that it is buying 15 Bank of Americas in Washington and Oregon.

The move will grow the firm’s presence in the Southern Oregon, as well as the Coast markets.

Terms of the deal call for Bank of the Cascades to pay the value of all 15 Bank of America branch deposits, about $707 million, plus 2 percent, according to documents filed Thursday by Cascade Bancorp, Bank of the Cascades holding company, with the Securities and Exchange Commission.

About 40 percent of those deposits reside in checking accounts, a measure of solid household relationships with its customers, said Terry Zink, president and CEO of Cascade Bancorp.

(SOURCE: Bend Bulletin)

The locations of the branches that are being acquired:

  • Ashland
  • Bandon
  • Cathlamet, Wash.
  • East Medford
  • Grants Pass
  • Klamath Falls
  • Lincoln City
  • Medford
  • Newport
  • North Bend
  • Raymond, Wash.
  • Reedsport
  • Roseburg
  • Seaside
  • Westport, Wash.

“I am pleased to announce our expansion will include additional locations in Southern Oregon, as well as new branches in Coastal Oregon communities and provide an entry into neighboring Washington state,” CEO Terry Zink said in a news release.

The deal is expected to add $706 million of deposits to the bank’s balance sheet.

Bank of the Cascades ranks No. 2 among banks based in the state with $1.4 billion in Oregon deposits. Umpqua Bank ranks No. 1 with $6.5 billion.

(SOURCE: Portland Business Journal)

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