BEND, Ore., Sept 15 /PRNewswire-FirstCall/ -- Cascade Bancorp ("Cascade") (Nasdaq: CACB) announced today that it has entered into an agreement with each of David F. Bolger ("Mr. Bolger") and an affiliate of Lightyear Fund II, L.P. ("Lightyear") amending the Securities Purchase Agreements between the Company and Mr. Bolger and the Company and Lightyear dated October 29, 2009, as amended February 16, 2010, June 1, 2010, June 30, 2010, July 15, 2010, July 30, 2010, August 31, 2010, and September 15, 2010 (the "Securities Purchase Agreements") to extend their conditional commitments to September 30, 2010.
Per the new agreement, the extended date by which conditions of closing must be satisfied is now September 30, 2010. The sales to Mr. Bolger and to Lightyear are conditioned upon the Company's simultaneous sale of shares of its common stock in additional private placements to other investors under separate written agreements such that the total net proceeds from the offerings is at least $150 million, in addition to the other closing conditions set forth in each of the Securities Purchase Agreements.
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (Nasdaq: CACB), 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.FORWARD LOOKING STATEMENTS