Cautious investors are forcing some Northwest banks to withdraw their stock offerings.
Cascade Bancorp and Banner Bank of Walla Walla are withdrawing their stock offerings, which they hoped would bring in $150 million and $75 million, respectively.
The withdrawals come after a short round of successful capital raises among other banks last summer, and one Portland attorney says investors are still wary about what will happen in 2010.
“The market appetite dropped off,” [Ken Roberts] said. “Investors are concerned with whether we are done with the recession.”
Three Oregon banks and one in Clark County have failed in the last 12 months. Now 16 months since chaos on Wall Street plunged the economy into a deep recession, 2010 looks to be another challenging year for the industry.
Read the full story at OregonLive.com.
{biztweet}Cascade Bancorp Banner Bank stock{/biztweet}
