Bend, OR, November 24, 2010 --(PR.com
)-- There’s a pure and simple concept in community banking: invest in your local bank and the bank will invest in you. It’s an economic formula that has been around for generations and is as straightforward as it is powerful. It conjures up images of George Baily and It’s a Wonderful Life, while reminding us what it means to be part of a community.
The Northwest’s real-life example of community strength and viability is emerging in Bank of the Cascades. Having endured some of the banking industry’s most trying challenges, Bank of the Cascades is now gaining stride and moving forward with the announcement that it has entered into agreements for a significant capital raise which, when closed, will be one of the few in the country to be accomplished without government bailout or Troubled Asset Relief Program (TARP) funds.
Parent company, Cascade Bancorp, recently announced the $177 million capital raise with four leading investors acting independently. Private placement investors who have entered into separate agreements with Cascade Bancorp include: David F. Bolger (“Mr. Bolger”), an affiliate of Lightyear Fund II, L.P. (“Lightyear”), private equity funds affiliated with Leonard Green & Partners, L.P. (“Leonard Green”) and private equity funds affiliated with WL Ross & Co. LLC (“WL Ross”).
According to Patricia L. Moss, president and CEO of Cascade Bancorp and CEO of Bank of the Cascades, when the agreements close, Bank of the Cascades will be among the best capitalized community banks in the United States, providing customers the continued opportunity to choose community with confidence.
"The capital raise is a welcome infusion of optimism during a challenging economic time in our community," said Bill Willitts, owner of Five Pine Lodge and Conference Center in Sisters, Oregon. "It's a remarkable vote of confidence from the bank's investors. It not only speaks to the value and viability of Bank of the Cascades, but as a local business owner and resident, I see it as a demonstration of a belief in the economic future of our communities as well," he added. "This news has brought a smile and renewed confidence to many."
In Boise, Idaho, B O B Trailers, Inc. owner, Roger Malinowski, is an ideal example of community bank and customer partnerships. In 2006, he moved his business to Idaho with financial support provided by Bank of the Cascades. Today, B O B Trailers is an important addition to the local business community, employing 25 team members and purchasing goods and services from local vendors and business owners. As the business continues to flourish, B O B Trailers, Inc. gives back to the community. Roger and his family have been loyal Bank of the Cascades customers and bring national attention to the marketplace.
“It makes perfect sense to me that Bank of the Cascades was able to raise this capital without any help from the Federal government,” said Brad Malsin, principal of Beam Development in Portland where he also resides. “They have been investing in our communities with a consistent commitment for years and that’s why customers like me and my company are so loyal. Not to mention the fact that we couldn’t ask for more personal service from a bank that really knows us and understands our needs. That kind of relationship is hard to find with the National banks.”
While response from private business owners has been positive, public agency representatives are also enthusiastic about Bank of the Cascades’ capital raise announcement.
"This is really big news for our communities," said Marty Wynne, Bend Oregon resident who has built a life-long career on the concept of community. As finance director and treasurer for Deschutes County, Marty understands what community banking means to a local economy. It means new or improved facilities, jobs, services and a host of other things that help the community thrive. "It simply makes sense to keep public funds safely working in support of our local community," added Wynne.
Moss, president and CEO of Cascade Bancorp and CEO of Bank of the Cascades firmly believes that local relationships have played a big part in the success of the recent agreements.
"Our customers and communities across Oregon and Idaho have been incredibly supportive of our bank," said Moss. "Through their loyalty, they have demonstrated that relationships and a commitment to community matter. As we move forward, this investment in our company will allow us to continue our tradition of investing back in our communities. Together we share a future," added Moss.
According to Moss, Bank of the Cascades’ fundamental business philosophy is based on offering all the products and services customers would find at a big bank while consistently delivering exceptional personalized service and local expertise.
“It’s a two-way street,” said Robert E McCumber, owner of Installation Parts Supply in Central Point, Oregon. “Our trust and partnership with Bank of the Cascades comes back to us every single day. It’s not only the business transactions that take place between us, it’s the highly personal service and day-to-day dialogue that we don’t believe we would get from a National bank. It’s important to me that my money stays local and helps keep our community vibrant and growing,” added McCumber.
For more information, or to schedule interviews with Patricia L. Moss, contact Linda Quon at 541.617.1911, 541.610.4317 or firstname.lastname@example.org.
Cascade Bancorp (NASDAQ: CACBD), headquartered in Bend, Oregon and its wholly-owned subsidiary, Bank of the Cascades, operates in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley.