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June 14, 2011 /PRNewswire/ -- Cascade Bancorp, (the "Company") (NASDAQ: CACB) announced today that the Company is set to join the U.S. broad-market Russell 3000
® Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on
June 24th, according to a preliminary list of additions posted
June 10th on
Annual reconstitution of Russell's U.S. indexes captures and ranks the 4,000 largest U.S. stocks as of the end of May by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000
® Index or small-cap Russell 2000
® Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
Patricia L. Moss, Chief Executive Officer of Cascade Bancorp commented, "We are very pleased to have our company included in the Russell indexes. We are aggressively working to build a foundation for a bright future and view our inclusion in the Russell indexes as a very positive step in that process."
The Russell 3000 also serves as the U.S. component to the Russell Global Index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading
$3.9 trillion in institutional assets currently are benchmarked to them.
More information about Russell Indexes, including total returns, is available at
Russell Investments provides strategic advice, world-class implementation, state-of-the-art performance benchmarks and a range of institutional-quality investment products. Russell has about
$161 billion in assets under management as of
March 31, 2011, and serves individual, institutional and advisor clients in more than 35 countries. Founded in 1936, Russell is a subsidiary of The Northwestern Mutual Life Insurance Company.
About Cascade Bancorp
Cascade Bancorp (NASDAQ: CACB), headquartered in
Bend, Oregon and its wholly-owned subsidiary, Bank of the Cascades, operates in
Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in
Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value driven customers. For further information, please visit our web site at
FORWARD LOOKING STATEMENTSThis press release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements relate primarily, but are not limited, to statements about management's present plans and intentions to address the obligations we have assumed by entering into the case-and-desist order, and our expectations of success in those endeavors. Additional forward-looking statements include plans and expectations about our strategy, growth, and deployment of resources, and expectations for future financial performance. Readers can sometimes identify forward-looking statements by the use of prospective language and context, including words like "may", "will", "should", "expect", "anticipate", "estimate", "continue", "plans", "intends", or other similar terminology. Because forward-looking statements are, in part, an attempt to project future events and explain management's current plans and expectations, they are subject to various risks and uncertainties that could cause our actions and our financial and operational results to differ materially from those set forth in such statements. These risks and uncertainties include, without limitation, our ability to maintain our regulatory capital at required levels during the pendency of the regulatory order; our ability to estimate accurately the potential for losses inherent in our loan portfolio; our sensitivity to local and regional economic and other factors that affect the collectability of our loans and the value of collateral underlying our secured loans; our ability to satisfy the terms and conditions of the regulatory order and to satisfy applicable banking laws and regulations; our ability to maintain a satisfactory and economically viable net interest margin during times of rapidly and significantly fluctuating interest rates; and our ability to attract and retain qualified, effective management. Some of the other, risks and uncertainties that we have in the past, or that we may from time to time in the future, detail in our filings with the Securities and Exchange Commission ("SEC"). Information presented in this report is accurate as of the date the report was filed with the SEC, and we cannot undertake to update our forward looking statements or the factors that may cause us to deviate from them, except as required by law.
SOURCE Cascade Bancorp