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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