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March 7, 2013 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Company") the holding company for Bank of the Cascades ("Bank"), today announced that the Bank's regulators have terminated the cease-and-desist order (the "Order") put in place in August of 2009. The Federal Deposit Insurance Corporation ("FDIC") and the Oregon Division of Finance and Corporate Securities ("DFCS") are the Bank's primary regulators. In connection with the termination of the Order, the Bank has entered into a memorandum of understanding with its regulators.
"Relief from the Order underscores significant progress made at Bank of the Cascades, and is a result of actions taken to strengthen its' financial position. Importantly, we believe this underscores the improvements in the economies of the communities and customers we serve," said
Terry Zink, CEO. Termination of the Order recognizes the Bank's improved capital position which exceeds minimum capital ratios required to qualify as a 'well capitalized' institution.
Zink continued, "We are very pleased the Bank returned to profitability in 2012." He added, "We will be announcing our year-end and fourth quarter results prior to the end of March. As we have continued to move forward, we have also successfully focused our efforts on lending to small business and consumers." In that regard, the Bank is working hard to honor its commitment to extend
$1 billion in credit between 2012 and 2014. "The revitalization of our mortgage production in 2012 was a priority accomplishment," said Zink. "In this lower interest rate climate, a local bank originator of mortgages can help customers reduce mortgage costs while contributing to the real estate recovery."
"On behalf of Bank of the Cascades and its many great employees, I would like to thank the community and our customers for their support over the past several years in an environment that was challenging to us all," said
Ryan R. Patrick, Chairman of the Board of Directors. "The removal of the Order is a very positive inflection point in the history of the Bank. Our commitment to the economic well-being and prosperity of our customers has always been resolute; we look forward with confidence as we partner with our local businesses and retail customers into an optimistic future."
About Cascade Bancorp and Bank of the Cascades