Bend’s largest local bank, Cascade Bancorp, raised $177 million from outside investors.
Bend’s largest local bank, Cascade Bancorp, raised $177 million from outside investors.
The bank has struggled for years due to the intense real estate crash in Central Oregon and has tried multiple times to raise capital.
The bank is effectively selling more than 87 percent of its stock to investment company Lightyear Fund II, noted private equity bottom fishers Leonard Green & Partners and WL Ross & Co., and individual investor David Bolger.
If finalized, the deal will solve Cascade’s critical shortage of capital, depleted by the region’s housing crash. “We are pleased that, after closing of the transactions contemplated by the Securities Purchase Agreements, our capital ratios will notably exceed regulatory agency benchmarks for a ‘well-capitalized’ bank,” said Patty Moss, the bank’s chief executive.
Read more at OregonLive.com.
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