This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cascade Bancorp (Oregon) Announces Agreements For $177 Million Capital Raise

BEND, Ore., Nov. 16, 2010 /PRNewswire-First Call/ -- Cascade Bancorp (Nasdaq: CACB) (the "Company") announced today that it has entered into Securities Purchase Agreements for the purchase and sale of approximately $177 million of shares of its common stock ("Common Stock").  Private placement investors who have entered into separate agreements with the Company include, among others: 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" or "LGP") and private equity funds affiliated with WL Ross & Co. LLC ("WL Ross").

Patricia L. Moss, Chief Executive Officer of Cascade Bancorp, commented, "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.  Upon closing, not only will Cascade Bancorp's strong pro forma capital ratios place the Company among the best capitalized community banks in the nation, the Bank will also exceed the 10% leverage ratio required by our regulatory order.  This investor vote of confidence in our company and the communities we serve will provide the financial strength to sustain our market position as a premier local bank serving customers in the communities of Oregon and Idaho."

Moss continued, "For the past eighteen months we have focused our strategies and efforts on improving our capital position, reducing risk in the loan portfolio and positioning ourselves for a future of serving the financial needs of our customers.  We are pleased with the deep industry knowledge that our high-quality lead investors -- WL Ross, Leonard Green, Lightyear, and Mr. Bolger -- bring to the Company.  As we reflect on these challenging times, we are energized and inspired by our loyal customers whose support has been integral to our success in this capital raise.  We remain committed to delivering ongoing value to our customers as we reinforce the value of community banks in fueling a return to economic health."

The following provides additional detail as to the capital raise transaction:

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs