Bank of the Cascades to buy Home Federal Bank

Bank of the Cascades to buy Home Federal Bank

Bend-based Bank of the Cascades is buying Idaho's Home Federal Bank. The deal gives Bank of the Cascades $2.4 billion in assets and 56 branches in Oregon, Washington and Idaho.

It's the third significant bank merger announced or executed in the region this year. Tacoma-based Columbia State Bank completed its acquisition of Lake Oswego-based West Coast Bank in March. Portland-based Umpqua Bank said last month it would merge with Spokane-based Sterling Bank.

The Cascade-Home Federal merger is expected to close spring of 2014, the companies said. Regulators must still approve the deal. Home Federal shareholders will get $120.8 million in cash and 24.3 million shares of Cascade stock.

Read more at OregonLive.com.