APRIL 2008: AROUND THE STATE
Cascades’ stock plummets
BEND
Bank of the Cascades, the third-largest bank headquartered in
Oregon, saw its stock price drop to its lowest level in five
years in March after more than doubling its forecast for
fourth-quarter 2007 credit losses from $7.5 million to $15.6
million.
The Bend-based bank profited mightily from a recent boom in
residential real estate, and now it is scrambling to cope with
the subsequent bust. “As we navigate through this
challenging downturn in the real estate market, we will
continue to monitor our loan portfolio and take appropriate
measures to reserve against the risks posed,” said CEO
Patricia L. Moss in a statement that accompanied the
bank’s Feb. 21 announcement of the losses.
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