Northwest Communities Applaud Good News From Local Community Bank
BEND, Ore., Nov. 19, 2010 /PRNewswire/ -- 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").
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.
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